ThyssenKrupp sells US steel plant for $1.55BNovember 29, 2013 @ 2:48 pm
(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 This material may not be published, broadcast, rewritten or redistributed.)
Joining the LOB
It's never easy being the new guy, but Tharold Simon is already making his mark
Our phones entertain us, inform us and now might protect us
Pumpkin-flavored items are coming to store shelves whether it's fall or not
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.