ArcelorMittal Sells Steel Mill To Satisfy DOJ

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.