ArcelorMittal, the world’s largest steel producer, has decided to sell its LaPlace and Vinton Long Carbon facilities in the USA to an affiliate of Black Diamond Capital Management (Black Diamond). The terms of the transaction are confidential and are not being disclosed.
The LaPlace, Louisiana, and a rolling mill in Harriman, Tennessee, produce billets, angles, flats, channels and beams. The Vinton facility, in El Paso, Texas, produces rebar and grinding media.
ArcelorMittal has also entered into a transition services agreement with Black Diamond to facilitate a smooth transition period and eliminate any business disruption.
Jim Baske, executive vice president, CEO ArcelorMittal North America, said: “The sale of LaPlace and Vinton is consistent with ArcelorMittal’s stated strategy of selective divestment of non-core assets. I would like to thank the employees of LaPlace and Vinton for their commitment and efforts over the years, and wish them a successful future under new ownership,” said Jim Baske, executive vice president and CEO, ArcelorMittal North America.
The transaction will be completed in April 2016.