Steelmaker ArcelorMittal and Gerdau have completed the sale of their respective 50 percent interests in Gallatin Steel Company ("Gallatin") to Nucor Corporation, both companies said on Wednesday.
The sale was completed for a total cash consideration of US$770 million, Arcelor said.
Gallatin, a flat rolled mill located in Gallatin County, Kentucky, inputs scrap, pig iron and hot briquetted iron from various sources and produces a wide range of steels from low to high carbon grades with an annual capacity of around 1.8 million tons, Arcelor said.