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ArcelorMittal, Gerdau sell US steel mill for $770 mn

World's biggest steel producer ArcelorMittal along with Brazil's Gerdau has completed sale of their 50 per cent stakes in US-based Gallatin to Nucor Corp for $770 million as part of its strategy to divest non-core assets.

'ArcelorMittal and Gerdau... have completed the sale of their respective 50 per cent interests in Gallatin Steel Company ('Gallatin') to Nucor Corporation. The sale was completed for a total cash consideration of $770 million,' the steel giant said in a statement.

Gallatin Steel is a joint venture between ArcelorMittal and Gerdau. Gallatin is a flat rolled mini-mill located in Gallatin County, Kentucky, USA that melts scrap, pig iron and hot briquetted iron from various sources, and processes the material to produce flat rolled steel.

PTI

PTI

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