Arcelor Sells Unit to German Company
March 10, 2006
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.