It’s complete! “ArcelorMittal, along with Nippon Steel and Sumitomo Metal Corporation (NSSMC), has completed acquisition of ThyssenKrupp AG’s steel mill in the US for US $ 1.55 billion,” reports The Economic Times.
“‘The transaction – a 50:50 joint venture with NSSMC – was completed for an agreed price of US $ 1,550 million plus working capital and net debt adjustment,’ the world’s largest steel-maker said.”
“In November last year, the two steel-makers had announced that they would form a joint venture to acquire ThyssenKrupp Steel’s processing plant in Calvert, Alabama. The Calvert plant has a total steel processing capacity of 5.3 million tonnes per annum including hot rolling, cold rolling, coating and finishing lines.”
In metal price news for steel…
Chinese steel prices were flat for the day. The price of iron ore 58% fines from India was range bound. The price of Chinese HRC saw essentially no change for the fifth day in a row. The price of Chinese coking coal continues to hover for the fifth day in a row.
The steel billet cash price was unchanged on the LME at $355.00 per metric ton. The steel billet 3-month price remained essentially flat at $360.00 per metric ton on the LME.
The 3-month price of the US HRC futures contract showed little movement yesterday at $623.00 per short ton. The US HRC futures contract spot price held steady at $655.00 per short ton.