Business
ArcelorMittal steel group sells off US steel mill
Paris | May 11, 2008 1:19:53 PM IST
The world's 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 Steel's 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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