Russia to buy U.S. Steel Mill for $810 Million

Russia to buy U.S. Steel Mill for $810 Million

en.rian.ru

"The purchase of the Sparrows Point [steel mill] adds to our portfolio of American assets. The plant already has significant value and possesses the potential for growth," the company said in a press-release by its CEO, Alexei Mordashev.
Sparrows Point is located in Baltimore County, Maryland, and is owned by ArcelorMittal, a joint venture between Indian Mittal and Luxemburg Arcelor.
The U.S. Department of Justice demanded in February 2007 that ArcelorMittal sell Sparrows Point in a bid to prevent a monopolization of the market after the merger of Mittal Steel and Luxemburg Arcelor.
Sparrows Point produces 3.6m tons of steel per year. It is the only integrated producer of rolled metal on the east Coast of the U.S., and is also one of the leading American suppliers of tin.

(visit the link for the full news article)



[edit on 21-3-2008 by DimensionalDetective]

Awesome. More U.S. assets being sold off to foreign interests. More potential U.S. revenue going to another country. No need to even outsource anymore, the gov can just sanction the sales of all of our domestic companies to foreign ones. Way to keep gutting our infrastucture out boys. Maybe we can sell our Concrete and Housing firms next. Oh wait, we already sold our largest House building firm to the Saudi's recently. I forgot.

en.rian.ru
(visit the link for the full news article)

They already own all the steal mills here in Detroit . The worst of it came with the purchase of Rouge steal. . .It has ruined allot of peoples lives here . The one thing Clinton did that i could never agree with ..

[edit on 21-3-2008 by oLDWoRLDDiSoRDeR]

Unless I read wrong, Russia is buying the company from another foreign country.

What's wrong with this? America owns a lot of the production in China. This is nothing more than a healthy global economy. Stop being so mercantilist, folks!

reply to post by chromatico


I don't know where you are from, but in my life time I have watched as my country allowed one of the largest sell offs in Global history to foreign investors. It has changed the face of my country irreversibly. It has gone far beyond healthy in any sense of the word. Disastrous is more like it.

Try to buy only American to "Boost" the economy.

Dial practically any help network and attempt to share your problem w/ a caring voice on the other end, provided you can understand them.

Vote your conscientious.

Balance your checkbook, if you still have one.

Speak to your local utilities company when you fall short on your bill.

Shop at local stores, friendly local non chain stores.

Buy a new pair of Levis and see how long they last.

Take a drive across country to visit with elderly relatives.

Send mail that weighs more than 2 or 3 pounds.

Find a good paying secure job.

Plan to retire at age 65.

Join a Union.

Work hard and live the American Dream.