The world's largest steel mill plans to sell European steel mills and cable business
The Luxembourg-based steelmaker is selling Luxembourg'sLiberty House Group ArcelorMittal Dudelange, as well as Flemalle's two hot dipgalvanizing lines and Tilleur's hot-rolled pickling, cold-rolling and tinpackaging lines in Belgium. However, the sale price was not disclosed.
Against the backdrop of a severe overcapacity in globalsteelmaking capacity, ArcelorMittal hopes to achieve sustainable growth whileremaining competitive.
In recent years, many steel mills in Europe and the UnitedStates have been idle. At the Arcelor Port of ArcelorMittal in eastern Chicago,the company shut down the plant's production line and blast furnace anddismantled it for sale as scrap metal.
The company produced 93.1 million tons of steel last year andproduced 57.4 tons of iron ore with a revenue of $68.7 billion.
