Japan’s Nippon Steel said on Oct. 11 that it would sell its entire stake in a joint venture steel plant in Calvert, Alabama if it was successful in acquiring United States Steel.
Nippon Steel said it would sell its 50 percent stake in the Calvert plant to its joint venture partner, ArcelorMittal, for $1 to clear antitrust concerns and receive “timely regulatory approval” for the U.S. Steel deal.
“The share transfer aims to proactively address any antitrust concerns that may arise from Nippon Steel’s ongoing ownership in Calvert following the acquisition,” the company said in a statement.
Luxembourg-based ArcelorMittal also confirmed that it had agreed with the Japanese steelmaker to address regulatory concerns related to Nippon Steel’s buyout bid for U.S. Steel….