Arcelor Mittal Sheds Thueringen Steel Plant
Arcelor Mittal announced Wednesday it will sell the German steel company Stahlwerkl Thueringen to Spain's Grupo Alfonso Gallardo as part of its commitment to soothe EU antitrust worries.
Mittal Steel NV is in the process of completing its $33.4 billion acquisition of Arcelor. The merger, due to be completed by April or May, will create the biggest steel company in the world with close to 10 percent of global production.
The Thueringen long carbon steel plant had a 2005 turnover of more than $530 million and employs close to 700 people.