ArcelorMittal, Gerdau sell US steel mill for $770 mn.

The world's biggest steel producer ArcelorMittal along with Brazil's Gerdau has completed sale of their 50 per cent stakes in US-based Gallatin to Nucor Corp for USD 770 million as part of its strategy to divest non-core assets. "ArcelorMittal and Gerdau... have completed the sale of their respective 50 per cent interests in Gallatin Steel Company ("Gallatin") to Nucor Corporation. The sale was completed for a total cash consideration of USD 770 million," the steel giant said in a statement. Gallatin Steel is a joint venture between ArcelorMittal and Gerdau. Gallatin is a flat rolled mini-mill located in Gallatin County, Kentucky, USA that melts scrap, pig iron and hot briquetted iron from various sources, and processes the material to produce flat rolled steel. It produces a wide range of steels from low to high carbon grades with an annual capacity of around 1.8 million tonnes. "The sale of Gallatin unlocks substantial value for ArcelorMittal's shareholders and is consistent with ArcelorMittal�s stated strategy of selective divestment of non-core assets," Aditya Mittal, CFO of ArcelorMittal, had said earlier.