OAO Severstal has completed its acquisition of the Sparrows Point integrated steel mill from ArcelorMittal for $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. The facility is the only integrated producer of flat-rolled steel on the East Coast and is a major North American supplier of tin mill products. Severstal expects substantial synergies with its current U.S. operations in Dearborn, Mich., and Columbus, Miss.
The sale follows Severstal’s receipt of regulatory approval from the U.S. Department of Justice and the Committee on Foreign Investment. ArcelorMittal had been required to sell the facility in order to comply with an anti-trust ruling related to the approval of the merger of Mittal Steel and Arcelor SA in 2006.
Severstal Completes Acquisition of Sparrows Point
May 8, 2008