ArcelorMittal to sell Laplace, Vinton steel plants in US to reduce debt

LONDON: World’s largest steel manufacturer ArcelorMittal is selling its LaPlace and Vinton Long Carbon facilities in the US to an affiliate of the asset management firm Black Diamond Capital Management.

Financial details of the deal were however not disclosed. The deal will help the Luxembourg-based steel maker to pare its debt that stood at $15.7 billion for the quarter ended December 2015. The company in a regulatory filing said it has entered a “definitive transaction agreement to sell its LaPlace and Vinton Long Carbon facilities in the US to an affiliate of Black Diamond Capital Management.”

Terms of the transaction are confidential and not being disclosed, said the filing issued yesterday.

The LaPlace facility in Louisiana along with a rolling mill in Harriman (Tennessee) manufactures steel billets, flats, channels, angles and beams.