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Justice Department grants Mittal Steel 30 more days to sell Maryland mill

Justice Department grants Mittal Steel 30 more days to sell Maryland mill

The U.S. Justice Department gave Mittal Steel Co. another 30 days Friday to sell a Maryland steel mill that the Dutch company must divest to settle antitrust issues.
Mittal Chief Executive Lakshmi N. Mittal signaled earlier this week that that company wouldn't meet the original May 21 deadline for selling its Sparrows Point plant near Baltimore.
Under the consent decree issued Feb. 20, the U.S. government has the discretion to agree to one more extension of the divestiture time period, not to exceed 60 days in total.
Lakshmi Mittal said Wednesday that the company would announce a sale "in the next six to eight weeks time, or before that."
The Justice Department ordered Mittal to sell Sparrows Point as a condition of the company's pending merger with Arcelor SA of Luxembourg. The government said the sale would preserve competition in production of tin-plated steel, which is used to make cans for food, aerosol sprays and paint.
Mittal's $33 billion (euro24.5 billion) merger with Arcelor would create the world's largest steel company, to be called Arcelor Mittal.
Mittal said in April it had narrowed the list of bidders from a dozen to a smaller, undisclosed number. They include Esmark Inc., a privately held steel distributor based in Chicago Heights, Illinois.


Updated : 2021-10-18 18:58 GMT+08:00