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| Severstal to acquire Sparrows Point Russian steel giant Severstal announced that it has reached an agreement to purchase Sparrows Point, a fully-integrated steel mill based in Baltimore, Maryland, United States. Sparrows Point, currently owned by ArcelorMittal, is being sold by Joseph G. Krauss, Divestiture Trustee, as required by the Final Judgment entered on May 23, 2007 in the United States District Court for the District of Columbia in the matter known as United States v. Mittal Steel Company N.V., to settle a complaint filed by the United States Department of Justice following the merger agreement between Mittal Steel and Arcelor SA in 2006. Severstal has agreed to acquire Sparrows Point LLC for an all cash purchase price of US$810 million. Sparrows Point has a capacity of 3.6 million metric tons of crude steel and shipped 2.3 million metric tons of finished steel products in 2007; it is the only integrated producer of flat rolled steel on the U.S. East Coast and is a major North American supplier of tin mill products. The acquisition is subject to customary closing conditions, including approval by the United States Department of Justice, and is expected to close in 2Q08. write your comments about the article :: © 2008 Construction News :: home page |