Sparrows Point Steel Mill Sold

Via Bloomberg News:

Arcelor Mittal has agreed to sell its Sparrows Point steel plant in Baltimore to gain U.S. antitrust approval for Mittal Steel’s takeover of Arcelor last year, a deal that created the world’s largest steel maker.

The plant was sold to a venture of Esmark, a Chicago metals distributor, and Wheeling-Pittsburgh, a West Virginia steel maker. Sparrows Point, which can produce about 3.5 million tons of steel products a year, accounted for 17 percent of Mittal’s North American output.

Sparrows Point is a specialty steel mill, making tin-plated steel for products like cans, etc., and it is profitable, making over $100 million last year. It will continue to employ about 2,500 people. Esmark apparently has a good reputation with the steelworkers union and there shouldn’t be any significant changes at the mill.

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This is good news all around and it happened despite the best efforts of the Department of Justice’s antitrust division.

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