ArcelorMittal, the world’s largest steel maker, and Japan’s Nippon Steel & Sumitomo Metal Corporation will jointly acquire ThyssenKrupp AG’s US steel mill for $1.55 billion.
The acquirers have formed a joint venture and will finance the deal through equity and debt, ArcelorMittal said in a statement. The plant at Calvert, Alabama, has a capacity of 5.3 million tonnes per annum. “This is an important strategic acquisition for us. The Calvert plant is the most modern finishing facility in the world. It ideally complements our existing operations in the US and the Americas,” ArcelorMittal Chairman and CEO lakshmi N Mittal said in the statement.