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Russian steel producer buys US factory
Karachi News.Net
Friday 9th May, 2008
Russia's largest steel producer Severstal has said it had finalised a deal to purchase the US-based Sparrows Point steel mill from ArcelorMittal for US$810 million.
The US Department of Justice demanded in February 2007 that ArcelorMittal sell Sparrows Point, located in Baltimore County, Maryland, in a bid to prevent the monopolisation of the market after the merger of Mittal Steel and Luxemburg Arcelor.
It then approved in mid-April Severstal's bid to purchase the steel mill.
ArcelorMittal was created in 2006 as a result of a merger between Mittal Steel owned by India-born tycoon L.N. Mittal and Luxembourg Arcelor with Mittal holding a controlling interest.
It is now the world's largest steel producing company and controls 10 percent of global steel output.
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