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September 06, 2007 16:39 IST
The world's largest steelmaker, Arcelor Mittal, said on Thursday it had received clearance from US anti-trust authorities to sell its Sparrows Point steel mill for $1.35 billion.
The transaction is expected to close in October, subject to oversight and approval by the recently appointed court trustee, a company statement said.
The Europe-based steelmaker was ordered by American anti-trust authorities to divest the plant in Maryland, US, early this year. The sale was a condition set by the US competition authorities to allow the merger of Mittal Steel and Arcelor.
The plant will be acquired by a joint venture entity sponsored by Esmark Incorporated and Wheeling-Pittsburg Corp, with participation by industry and institutional investors.
Arcelor Mittal will divest the related railway, intellectual property and other assets associated with the Sparrows Point facility as part of the transaction.
Arcelor Mittal was formed in July 2006 through the merger of Mittal Steel Co NV and Arcelor SA after a long takeover battle. The company produces about 10 per cent of the global steel output.
The steel giant's shares traded for $65.17 (euro 48.28) per share in the European markets on Thursday.
The Mittal Steel-Arcelor saga
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