A global team of companies led by a U.S. distributor and maker of steel has agreed to buy a coveted Maryland steel mill, paving the way for Mittal Steel Co. to complete its acquisition of Arcelor SA and become the world's top steelmaker by far, The Wall Street Journal reported on Friday.
Chicago-based Esmark Inc., a closely held steel distributor that is buying steelmaker Wheeling-Pittsburgh Corp., formed a joint venture with Brazilian iron-ore producer Companhia Vale do Rio Doce and Ukrainian steelmaker Industrial Union of Donbass Corp. to buy the Sparrows Point plant in Maryland, according to the report.
Price wasn't disclosed, but a person familiar with the transaction valued it at 1.35 billion dollars including debt and equity, the report added.
Mittal, headquartered in Rotterdam, Netherlands, already the world's largest steelmaker by output, was under a U.S. Justice Department mandate to sell the 118-year-old plant in order to alleviate antitrust concerns before allowing its 33 billion dollar deal to acquire Luxembourg-based Arcelor to be completed.
Source: Xinhua
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