ArcelorMittal Receives Department of Justice Approval for Sale of Sparrows Point.LUXEMBOURG -- Regulatory News: The world's leading steel manufacturer, ArcelorMittal, announced today that the company has received approval from the United States Department of Justice “Justice Department” redirects here. For other uses, see Department of Justice. The United States Department of Justice (DOJ) is a Cabinet department in the United States government designed to enforce the law and defend the interests of the United States (DOJ (Department Of Justice) The legal arm of the U.S. government that represents the public interest of the United States. It is headed by the Attorney General. ) to sell its Sparrows Point facility. A joint venture entity sponsored by Esmark Incorporated and Wheeling-Pittsburgh Corporation, with participation by industry and institutional investors, will purchase the facility for an enterprise value of US$1.35 billion. The transaction is expected to close in October of this year and is still pending approval from the United Steelworkers (USW USW Und So Weiter (German: and so on) USW Undersea Warfare USW United Steel Workers USW US Wheat Associates USW Ultrasonic Welding USW Ultra Short Wave USW US West Telecommunications (stock symbol) ). Under the terms of the agreement, ArcelorMittal will divest the related railroad, intellectual property and other assets associated with the Sparrows Point facility as part of the transaction. The Sparrows Point facility in 2006 generated an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 143 million, or USD 50 per shipped ton. These results include the impact of Profit Sharing and VEBA VEBA Voluntary Employees' Beneficiary Association of USD 30 million. "We are pleased that the DOJ has approved the sale of the Sparrows Point facility. This transaction will permit ArcelorMittal to close the disposal program related to our merger and reinforce our already solid financial structure," Aditya Mittal, ArcelorMittal's CFO See Chief Financial Officer. and head of Flat Carbon Americas, commented. About ArcelorMittal USA ArcelorMittal USA, formerly known as Mittal Steel USA, with its affiliates, is the largest steel producer in the North America and the largest integrated steel producer in the United States. It serves a broad U.S. manufacturing base. ArcelorMittal USA is a subsidiary of ArcelorMittal. About ArcelorMittal ArcelorMittal is the world's number one steel company, with 320,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel. ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets. ArcelorMittal key pro forma financials for 2006 show combined revenues of USD 88.6 billions, with a crude steel production of 118 million tonnes, representing around 10 per cent of world steel output. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL MTBL Mean Time Between Data Loss ), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid (MTS) and Valencia. |
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