ArcelorMittal Sells Steel Mill To Satisfy DOJ

Law360, New York (March 21, 2008, 12:00 AM EDT) -- ArcelorMittal will sell a Baltimore steel mill to Russian mining giant JSC Severstal for $810 million to quell the U.S. Department of Justice's antitrust objections to the creation of the world's largest steel company.

ArcelorMittal was created by Mittal Steel Co. NV's €25.1 billion ($38.6 billion) purchase of Arcelor SA in 2006.

Severstal announced the all-cash deal Friday to purchase Sparrows Point LLC, the subsidiary that owns the fully integrated steel mill. “The transaction reflects a significant strategic opportunity to add complementary assets and scale to...
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