ArcelorMittal, Nippon Steel to buy Thyssen US plant for $1.55B

Arcelormittal and Nippon Steel & Sumitomo Metal Corp agreed to buy ThyssenKrupp's steel plant in the United States for $1.55 billion, ArcelorMittal said late on Friday.

The transaction will be financed through a combination of equity and debt at the joint venture level and will yield $60 million of annual savings, it said.

The deal includes a six-year agreement to purchase 2 million tonnes of steel slab per year from ThyssenKrupp's CSA steel mill in Brazil.