New Delhi: ArcelorMittal and Nippon Steel and Sumitomo Metal Corp., the two largest steel makers by market value, are close to buy ThyssenKrupp AG's Alabama plant for about $1.5 billion, according to reports.
Nippon Steel of Japan and Luxembourg-based ArcelorMittal have reached a basic accord with ThyssenKrupp on the deal worth nearly $1.97 billion, the Nikkei economic daily said,
The deal, the reports said, is likely to be announced this week.
ThyssenKrupp, Germany's largest steelmaker, has spent the past 18 months trying to offload its Steel Americas segment, which includes both the Alabama and Brazilian operations.
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