ArcelorMittal, Nippon Buy ThyssenKrupp's Alabama Steel-rolling Mill For $1.5 Bln

(RTTNews) - Steel giant ArcelorMittal SA and Japan's Nippon Steel & Sumitomo Metal Corp. have teamed up to buy German steel giant ThyssenKrupp AG's U.S. steel-rolling mill in Alabama for $1.55 billion.

ArcelorMittal says the acquisition will help them to supply customers in the U.S. auto industry's southern production facilities.

The transaction includes a six-year agreement to purchase two million tons of slab annually from ThyssenKrupp's integrated steel mill complex located in Rio de Janeiro, Brazil.

The deal was formally announced in a press release from ArcelorMittal on Friday.

Lakshmi N. Mittal, chairman and CEO of ArcelorMittal, said: "This is an important strategic acquisition for ArcelorMittal. The Calvert plant is the most modern finishing facility in the world....We have worked successfully with NSSMC in other joint ventures in the US for years and look forward to extending the collaboration."