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Last updated on May 30, 2012 at 18:37 EDT

Arcelor Sells Unit to German Company

March 10, 2006
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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.