ArcelorMittal in €117 million sale of Italian long carbon steel plant

Cleary Gottlieb represented ArcelorMittal in the sale of its Italian long carbon steel plant Travi e Profilati di Pallanzeno S.p.A. to the Duferco Group for an enterprise value of € 117 million. The transaction was announced on December 13, 2006 and closed on February 2, 2007, after receiving the approval of the European Commission and antitrust clearances.

The sale of Travi e Profilati di Pallanzeno S.p.A. was one of the conditions imposed by the European Commission in connection with Mittal’s takeover of Arcelor.