Mittal Steel USA has confirmed that it has entered into a non-binding Memorandum of Understanding with Esmark for the sale of the tin mill products business of Mittal Steel USA in Weirton, WV.
The transaction is subject to several contingencies, including approval by the U.S. Department of Justice. That decree requires Mittal Steel to sell Dofasco, a Canadian company, but provides that if Mittal Steel is unable to sell Dofasco, Mittal Steel must sell either its Weirton or Sparrows Point facility at the election of the Department of Justice.
The MOU contemplates execution of definitive transaction agreements by February 2, 2007 when the MOU terminates. While the parties hope to complete a transaction in the coming months, there can be no assurance as to whether or when all contingencies will be satisfied.
"The negotiated non-binding memorandum of understanding allows us to prepare for a swift execution of the disposal of the Weirton assets in case Dofasco cannot be sold and the Department of Justice asks us to sell these operations," said Lou Schorsch, CEO, Flat Americas, Arcelor Mittal.
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