ArcelorMittal and Gerdau Agree to sell Gallatin Steel Facility for US$770 million

ArcelorMittal and Gerdau jointly announced today that they have entered into a definitive transaction agreement to sell their respective 50% interests in Gallatin Steel Company ("Gallatin") to Nucor Corporation for a total cash consideration of US$770m, subject to customary closing adjustments.

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. Gallatin’s high quality assets produce a wide range of steels from low to high carbon grades with an annual capacity of around 1.8 million tons.