IUD Joins Venture to Enter US Market
6 August 2008
According to Bloomberg, the Industrial Union of Donbas has partnered with Esmark Incorporated, Wheeling-Pittsburgh Corporation and Brazilian Cia Vale do Rio Doce to purchase the Sparrows Point steel mill from Arcelor Mittal USA, which must divest the asset as part of an antimonopoly ruling following the merger of Mittal Steel and Arcelor. Sparrows Point has an annual production capacity of 3.9 mln mt of steel and has a net profit of about USD 1 bln, according to Interfax sources.
