On March 26, ArcelorMittal confirmed that the Court appoined divestiture trustee has entered into an agreement to sell ArcelorMittal's Sparrows Point steel mill to OAO Severstal for US$810 million, net of debt.
Joseph G. Krauss, the divestiture trustee, was required to seek the sale of the mill by a consent decree entered on
Sparrows Point had EBITDA of US$25 million in 2007.
The sale is subject to customary closing conditions, including approval by the United States Department of Justice, and is expected to close in the second quarter of 2008.
About ArcelorMittal
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel.
ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal key unaudited financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.