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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.

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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