March 25: Russia’s second largest steel maker, Severstal, has agreed to acquire the Sparrows Point mill in the US for a cash price of US$810m.
Based near Baltimore, Maryland, Sparrows Point is one of ArcelorMittal’s largest US production plants with a steel capacity of 3.6 million tonnes a year, of which some 450,000 tonnes are tin mill products used for canmaking, a new venture for Severstal.
Mittal has been required to sell the steel mill in order to satisfy anti-trust concerns in the US tinplate market raised by its merger with Arcelor.
