ArcelorMittal steel group sells off US steel mill

May 11th, 2008 - 2:53 pm ICT by admin  

Paris, May 11 (ANI): The worlds largest steel group ArcelorMittal has said that it has finalised the 810 million dollars sale of a plant in the United States to Russian Steelmaker Severstal.

It was ordered to dispose of the Sparrows Point plant in Baltimore, Maryland, by US authorities as a condition for their clearance of Mittal Steels acquisition of Arcelor last year.

A deal to sell Sparrows Point to US companies Esmark and Whelling-Pittsburgh failed at the end of last year when financing fell through.

ArcelorMittal has lodged a complaint with the New York state Supreme Court, seeking more than 540 million dollars in compensation over an August 2007 agreement to sell for 1.35 billion dollars. (ANI)

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