Mittal Terminates Mill Sale Deal
BALTIMORE — Mittal Steel Co. NV announced Sunday that it has terminated its agreement for the sale of the Sparrows Point steel mill near Baltimore to an international investment group led by Esmark Inc. due to the group’s inability to secure financing.
The move comes at the direction of the court-appointed trustee who has the authority to affect the divestiture of Sparrows Point, Mittal said.
The deal was announced in August but delays have caused Esmark’s agreements with its partners in E2 Acquisition Corp. to lapse. This raised the possibility of a revised proposal for financing the $1.35 billion transaction. The closing date in the purchase agreement was Nov. 30, and that date was extended to Dec. 11.
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