Arcelor Sells Unit to German Company

Arcelor SA, the world’s No. 2 steelmaker, said Friday it is selling its Ugitech unit to a German company.

Schmolz+Bickenback is buying the stainless long products business of Luxembourg-based Arcelor, for an undisclosed amount.

The divestment comes as Arcelor fights a $22 billion unsolicited takeover bid by the world’s largest steel company, Mittal Steel Co. of London.