Antitrust Law Daily Wrap Up, ANTITRUST NEWS: ArcelorMittal acquisition of ThyssenKrupp Steel USA avoids U.S. antitrust review, (Jan 30, 2014)
Organizations Mentioned:ArcelorMittal | Nippon Steel & Sumitomo Metal Corp. | ThyssenKrupp Steel USA
Today, international steel and mining giant ArcelorMittal announced that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act (HSR) has expired with respect to its acquisition, through a 50/50 joint venture with Nippon Steel & Sumitomo Metal Corporation, of ThyssenKrupp Steel USA. The HSR waiting period terminated on January 29.
ThyssenKrupp Steel USA is an Alabama steel processing plant, with a total capacity of 5.3 million tons, including hot rolling, cold rolling, coating and finishing lines of steel. ArcelorMittal disclosed the planned $1.55 billion transaction in November 2013. In its announcement, ArcelorMittal said that it would be responsible for marketing the product, primarily to the auto industry, on behalf of the joint venture.
ArcelorMittal is the world’s leading steel and mining company. Its U.S. subsidiary, ArcelorMittal USA, is one of the largest steelmakers in North America.
Companies: ArcelorMittal; Nippon Steel & Sumitomo Metal Corp.; ThyssenKrupp Steel USA
News: Antitrust