SMM News: ArcelorMittal is a large enterprise in Indiana, the company also operates in 59 countries around the world, the company currently wants to sell a European steel mill and rolling wire.
ArcelorMittal, which has offices in East Chicago, Port Burns, Gary, Riverdale and New Carlyle, is said to have sold the assets because of restrictions imposed by European regulators. Upon completion of the asset sale, the European Commission will approve its acquisition of Italian steel company Ilva SpA.
In addition to its operations in Luxembourg and Belgium, ArcelorMittal will spin off ArcelorMittal Ostrava, of the Czech Republic, ArcelorMittal Galati, of Romania, ArcelorMittal Skopje of Macedonia and ArcelorMittal Piombino, of Italy, and sell them all to Liberty House Group.
Under the background of serious overcapacity of steelmaking in the world, ArcelorMittal hopes to achieve sustainable development while maintaining competitiveness.
Many steel mills in Europe and the United States have been idle in recent years. In the port of ArcelorMittal, east of Chicago, the company closed production lines and blast furnaces at the plant and dismantled them for sale as scrap metal.
The company produced 93.1 million tons of steel and 57.4 tons of iron ore last year, generating revenue of $68.7 billion.
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