ArcelorMittal Agrees to Sell Two of Its U.S. Steel Operations
25 March 2016 - 3:21AM
Dow Jones News
By Alex MacDonald
LONDON--Steel giant ArcelorMittal (MT) said Thursday it has
agreed to sell two off its U.S steel operations to Black Diamond
Capital Management for an undisclosed sum.
The transaction includes the sale of the LaPlace, La., steel
facility, along with a rolling mill in Harriman, Tenn., which
produce long steel products such as billets, angles, flats,
channels and beams.
It also includes the Vinton facility, located in El Paso, Texas
which produces rebar and grinding media, also long steel
products.
Jim Baske, executive vice president, chief executive of
ArcelorMittal North America, said: "The sale of LaPlace and Vinton
is consistent with ArcelorMittal's stated strategy of selective
divestment of non-core assets."
The transaction is subject to certain conditions and forecast to
close in April 2016.
ArcelorMittal recently raised $3 billion from a rights issue to
strengthen its balance sheet and pay down debt as it grapples with
anemic steel prices stemming in part from excess global steel
supply.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
March 24, 2016 12:06 ET (16:06 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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