ArcelorMittal gets U.S. OK for Sparrows Point sale

BRUSSELS (Reuters) - ArcelorMittal (ISPA.AS), the world's largest steelmaker, said on Thursday it had received clearance from U.S. competition authorities to sell its Sparrows Point plant for an enterprise value of $1.35 billion.

The plant will be acquired by a joint venture entity sponsored by Esmark Incorporated and Wheeling-Pittsburgh Corp WPSC.O, with participations by industry and institutional investors.

The transaction is expected to close in October and is still pending approval from the United Steelworkers union. The sale of Sparrows Point was a condition set by the U.S. competition authorities to allow the merger of Mittal Steel and Arcelor.