ThyssenKrupp sells US steel plant for $1.55B

(AP) - German steel company ThyssenKrupp has agreed to sell its U.S. steel plant business to two competitors for $1.55 billion.

Following extended speculation over the deal, ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. said Friday that they will jointly acquire the ThyssenKrupp Steel USA. The steel processing plant in based in Calvert, Ala.

The deal adds U.S.-based finishing facilities for the two companies, which are headquartered in Luxembourg and Japan, respectively. It also is expected to benefit the buyers by expanding their energy and auto industry businesses.

ThyssenKrupp was looking for a buyer after a fall in steel prices led to losses for the company and large write-downs for the reduced value of the plant.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Top Stories
ATTENTION COMMENTERS: We've changed our comments, but want to keep you in the conversation.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
comments powered by Disqus
Sign up for breaking news e-mail alerts from MyNorthwest.com
In the community
Do you know an exceptional citizen who has impacted and inspired others?
KIRO Radio and WSECU would like to recognize six oustanding citizens this year. Nominate them to be recognized and to receive a $2,000 charitable grant.