ArcelorMittal, Nippon Steel complete ThyssenKrupp's US steel mill buy.

ArcelorMittal, along with Nippon Steel and Sumitomo Metal Corporation (NSSMC), has completed acquisition of ThyssenKrupp AG's steel mill in the US for $1.55 billion.

'The transaction - a 50:50 joint venture with NSSMC - was completed for an agreed price of $1,550 million plus working capital and net debt adjustment,' the world's largest steel-maker said.

In November last year, the two steel-makers had announced that they would form a joint venture to acquire ThyssenKrupp Steel's processing plant in Calvert, Alabama.

The Calvert plant has a total steel processing capacity of 5.3 mt per annum including hot rolling, cold rolling, coating and finishing lines.

'The successful completion of this transaction is an important milestone for ArcelorMittal. Along with NSSMC, we are now the owners of the most modern steel finishing facility in the world, which will allow us to meet rising demand for steels in automotive, energy and other important NAFTA markets,' ArcelorMittal Chairman Lakshmi N Mittal said.

The acquirers formed a joint venture and had earlier said they would finance the deal through equity and debt.

HBL