Mittal gets time to sell Maryland steel mill
The Justice Department has given Mittal Steel Co another 15 days to sell a Maryland steel mill.
By Agencies |
BALTIMORE: The Justice Department has given Mittal Steel Co another 15 days to sell a Maryland steel mill that the Dutch company must divest to settle antitrust issues.
The extension gives Mittal until July 5 to sell its Sparrows Point plant near Baltimore, Justice Department spokeswoman Gina Talamona said in an e-mailed statement.
Under the consent decree issued February 20, the government can extend the period for up to another 15 days if necessary, Talamona said.
William Steers, a spokesman for Mittal Steel USA in Chicago, said in an e-mailed statement that Mittal was working with the Justice Department to divest Sparrows Point. He said the federal agency "has been heavily involved throughout the process and we will have a formal announcement at the conclusion of the process."
The Justice Department ordered Mittal to sell Sparrows Point as a condition of the company's pending acquisition of Arcelor SA of Luxembourg. The government said it was forcing Mittal to sell the Maryland mill to preserve US competition in production of tin-plated steel, which is used to make cans for food, aerosol sprays and paint.
Mittal's estimated $41 billion deal for Arcelor would create the world's largest steel company, to be called Arcelor Mittal.
Mittal said in April it had narrowed the list of international bidders from a dozen to a smaller, undisclosed number of suitors. Mittal would not identify the companies interested.
However, Esmark Inc, a privately held steel distributor based in Chicago Heights, Illinois, said it is among the surviving bidders.
The extension gives Mittal until July 5 to sell its Sparrows Point plant near Baltimore, Justice Department spokeswoman Gina Talamona said in an e-mailed statement.
Under the consent decree issued February 20, the government can extend the period for up to another 15 days if necessary, Talamona said.
William Steers, a spokesman for Mittal Steel USA in Chicago, said in an e-mailed statement that Mittal was working with the Justice Department to divest Sparrows Point. He said the federal agency "has been heavily involved throughout the process and we will have a formal announcement at the conclusion of the process."
The Justice Department ordered Mittal to sell Sparrows Point as a condition of the company's pending acquisition of Arcelor SA of Luxembourg. The government said it was forcing Mittal to sell the Maryland mill to preserve US competition in production of tin-plated steel, which is used to make cans for food, aerosol sprays and paint.
Mittal's estimated $41 billion deal for Arcelor would create the world's largest steel company, to be called Arcelor Mittal.
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Mittal said in April it had narrowed the list of international bidders from a dozen to a smaller, undisclosed number of suitors. Mittal would not identify the companies interested.
However, Esmark Inc, a privately held steel distributor based in Chicago Heights, Illinois, said it is among the surviving bidders.
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