ArcelorMittal to Sell Two of Its U.S. Steel Operations

LONDON—Steel giant ArcelorMittal said Thursday it has agreed to sell two of its U.S. steel operations to Black Diamond Capital Management for an undisclosed sum.

The transaction includes the sale of the LaPlace, La., steel facility, along with a rolling mill in Harriman, Tenn., which produces long steel products such as billets, angles, flats, channels and beams.

It also includes the Vinton facility, located in El Paso, Texas which produces rebar and grinding media, also long steel products.

Jim Baske, executive vice president, chief executive of ArcelorMittal North America, said: "The sale of LaPlace and Vinton is consistent with ArcelorMittal's stated strategy of selective divestment of noncore assets."

The transaction is subject to certain conditions and forecast to close in April.

ArcelorMittal recently raised $3 billion from a rights issue to strengthen its balance sheet and pay down debt as it grapples with anemic steel prices stemming in part from excess global steel supply.

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(END) Dow Jones Newswires

March 24, 2016 13:05 ET (17:05 GMT)

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