ArcelorMittal, Nippon Steel to buy Thyssen U.S. plant for $1.55 billion
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.
JACKSON HOLE Wyo. - Federal Reserve Chair Janet Yellen called for a "pragmatic" approach to U.S. monetary policy on Friday, amid calls by hawkish members of the central bank's policy committee for a quick rise in interest rates due to tightening labor markets and inflationary risks. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.