November 29, 2013 / 10:21 PM / 4 years ago

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

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

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below