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"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.