Arcelor Mittal sells Italy unit for 117 mn euros

Amsterdam, Dec 13: Arcelor Mittal, the world's largest steelmaker, said on Wednesday it has agreed to sell its Italian carbon steel production unit to Duferco for an enterprise value of 117 million euros (5 million).

Travi e Profilati di Pallanzeno (TPP), a rolling mill in northern Italy, is expected to have sales of more than 190 million euros this year, Arcelor Mittal said in a statement.

The sale is part of its commitment to the European Commission over the recommended merger of Arcelor S.A. and Mittal Steel N.V., Mittal said.

REUTERS