ArcelorMittal, Nippon Steel to buy Thyssen U.S. plant for $1.55 billion

FRANKFURT Fri Nov 29, 2013 6:14pm EST

1 of 4. Workers stand in the steel coil yard at the ThyssenKrupp Steel USA factory in Calvert, Alabama November 22, 2013.

Credit: Reuters/Lyle Ratliff

FRANKFURT (Reuters) - Arcelormittal (ISPA.AS) and Nippon Steel & Sumitomo Metal Corp (5401.T) agreed to buy ThyssenKrupp's (TKAG.DE) steel plant in the United States for $1.55 billion, ArcelorMittal said late on Friday.

The transaction will be financed through a combination of equity and debt at the joint venture level and will yield $60 million of annual savings, it said.

The deal includes a six-year agreement to purchase 2 million tons of steel slab per year from ThyssenKrupp's CSA steel mill in Brazil.

(Reporting by Maria Sheahan; Editing by Jonathan Gould)