B4U India: ArcelorMittal steel group sells off US steel mill

ArcelorMittal steel group sells off US steel mill
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ANI India on 12 May, 2008 04:20:00
 
The worlds 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 Steels
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)