ArcelorMittal Announces Sale Of Skyline Steel And Astralloy Business In The NAFTA Region To Nucor Corporation

ArcelorMittal announced the sale of its steel foundation distribution business in NAFTA, namely Skyline Steel and Astralloy (Skyline Steel) to Nucor Corporation (Nucor) for a total consideration of approximately $605 million on a debt free and cash free basis (and subject to customary closing adjustments). The transaction includes 100% of ArcelorMittal’s stake in Skyline Steel’s operations in the NAFTA countries and the Caribbean. ArcelorMittal will continue to own and operate the foundation distribution businesses in the rest of the world. Skyline Steel is a steel foundation distributor serving the US, Canada, Mexico and the Caribbean and is a wholly-owned subsidiary of ArcelorMittal. As part of the transaction ArcelorMittal and Nucor will enter into certain long-term commercial agreements whereby the parties intend for ArcelorMittal to continue to provide Skyline Steel with a full range of sheet piling and wear resistant products, which ArcelorMittal is uniquely positioned to manufacture. The transaction is expected to be completed by the end of the second quarter of 2012.