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PITTSBURGH — Nippon Steel Corp. will sell its joint venture in an Alabama steel-making plant to partner ArcelorMittal if Nippon Steel acquires United States Steel Corp.
The definitive agreement for 50% of the equity in the AM/NS Calvert Joint Venture for $1 also includes an estimated $900 million in cash and the forgiveness of partner loans. The deal involves an advanced flat-rolled steel plant in Calvert, Alabama, that has been open since 2010 and can make 5.3 million tons of steel a year. Nippon Steel and ArcelorMittal bought the plant in 2014.
The agreement takes effect only if Nippon Steel completes its purchase of U.S. Steel (NYSE: X), which is currently on hold while the federal government reviews the deal amid bipartisan opposition toward U.S. Steel’s foreign ownership plan.
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