ArcelorMittal and Nippon Steel agree to buy ThyssenKrupp's steel plant at $1.55 billion

Finally Arcelormittal and Nippon Steel & Sumitomo Metal Corp agreed to buy US steel giant ThyssenKrupp’s steel plant for $1.55 billion.

Confirming the news on Friday, ArcelorMittal said that jointly theu will raise the transaction amount through a combination of equity and debt. They will also capitulate $60 million of annual savings.

The mutually beneficial deal will also allow both the companies to purchase 2 million tonnes of steel slab per year from ThyssenKrupp’s CSA steel mill in Brazil for next six-years.

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