ArcelorMittal enters agreement to sell Sparrows Point facility
ArcelorMittal announced that ArcelorMittal USA has entered into an agreement to sell its Sparrows Point facility and related railroad, intellectual property and other assets for an undisclosed purchase price to a joint venture entity sponsored by Esmark Incorporated and Wheeling-Pittsburgh Corporation, with participation by industry and institutional investors.
Located near Baltimore, Maryland, Sparrows Point is a former Bethlehem Steel plant that is a fully integrated steel-making facility capable of producing 3.9 million tons of raw steel annually. Products made at Sparrows Point include hot-rolled sheet, cold-rolled sheet, galvanized sheet, Galvalumeu2;122, tin mill products and semi-finished steel. Markets served include construction, steel service centers, automotive, container and appliance.
Following the bid of Mittal Steel Company N.V. (Mittal) for Arcelor S.A., Mittal agreed with the United States Department of Justice (DOJ) to divest the Sparrows Point Business. The sale of the Sparrows Point Business remains subject to DOJ approval and customary closing conditions. The sale is expected to close in the fall of this year.