Trustee for Mittal Steel sale
A federal judge appointed a trustee to sell Mittal Steel Co. NV's Sparrows Point mill near Baltimore to settle antitrust concerns.
By Agencies |
BALTIMORE: A federal judge appointed a trustee to sell Mittal Steel Co. NV's Sparrows Point mill near Baltimore to settle antitrust concerns.
The trustee, Joseph G. Krauss, is tasked with completing the planned sale of the mill to a global investment group led by privately held domestic steel disributor Esmark Inc, of Chicago Heights Illiois, according to the order filed yesterday in US District Court for the District of Columbia.
Completing the deal would clear the way for Mittal's planned $ 41 billion (euro 29 billon) aquisition of Arcelor SA of Luxembourg, creating the world's largest steelmaker, ArcelorMittal. The Justice Department in February ordered Mittal to sell Sparrows Point to preseve competition in the market for tin-plated steel in the eastern United States. The parties have not announced a price for the mill.
The trustee, Joseph G. Krauss, is tasked with completing the planned sale of the mill to a global investment group led by privately held domestic steel disributor Esmark Inc, of Chicago Heights Illiois, according to the order filed yesterday in US District Court for the District of Columbia.
Completing the deal would clear the way for Mittal's planned $ 41 billion (euro 29 billon) aquisition of Arcelor SA of Luxembourg, creating the world's largest steelmaker, ArcelorMittal. The Justice Department in February ordered Mittal to sell Sparrows Point to preseve competition in the market for tin-plated steel in the eastern United States. The parties have not announced a price for the mill.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
