The world's largest steelmaker, Arcelor Mittal, said on Thursday it had received clearance from US anti-trust authorities to sell its Sparrows Point steel mill for $1.35 billion.
The transaction is expected to close in October, subject to oversight and approval by the recently appointed court trustee, a company statement said.
The Europe-based steelmaker was ordered by American anti-trust authorities to divest the plant in Maryland, US, early this year. The sale was a condition set by the US competition authorities to allow the merger of Mittal Steel and Arcelor.
The plant will be acquired by a joint venture entity sponsored by Esmark Incorporated and Wheeling-Pittsburg
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