Nippon Steel, ArcelorMittal to buy Alabama steel plant
Nippon Steel & Sumitomo Metal and ArcelorMittal have announced that they are close to a $2 billion deal to buy an Alabama factory from Germany's ThyssenKrupp.
According to the Nikkei economic daily, Nippon Steel of Japan and Luxembourg-based ArcelorMittal have reached a basic accord with ThyssenKrupp on the deal. The partners are making a joint bid for the plant, located in Alabama, that manufactures automotive sheet steel, aiming to more than double their combined production capacity in the U.S.
Nippon Steel and ArcelorMittal already jointly produce steel in Indiana.