ArcelorMittal to Sell Two U.S. Facilities

Noria news wires

ArcelorMittal recently agreed to sell its LaPlace and Vinton Long Carbon facilities in the United States to an affiliate of Black Diamond Capital Management. Terms of the transaction were not disclosed.

The facility in LaPlace, Louisiana, along with a rolling mill in Harriman, Tennessee, produces billets, angles, flats, channels and beams. The Vinton facility, which is located in El Paso, Texas, produces rebar and grinding media.

The company has also entered into a transition services agreement with Black Diamond in order to facilitate a smooth transition period and ensure no business disruptions.

"The sale of LaPlace and Vinton is consistent with ArcelorMittal's stated strategy of selective divestment of non-core assets," said Jim Baske, executive vice president and ArcelorMittal North America CEO. "I would like to thank the employees of LaPlace and Vinton for their commitment and efforts over the years, and wish them a successful future under new ownership."

The transaction, which is subject to customary closing conditions, is expected to be completed in April 2016.

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 19 nations worldwide.

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