Luxembourg-based steel giant ArcelorMittal has completed the sale of its Dudelange site, as well as five other sites in Europe, to Liberty House Group.
In a press release published on Monday, the group said the sale was completed on Sunday. It forms part of a divestment package ArcelorMittal agreed with the European Commisison during an investigation into its acquisition of Ilva, in Italy.
Other sites involved in the divestment are ArcelorMittal Ostrava, in Czech Republic, ArcelorMittal Galati, in Romania, ArcelorMittal Skopje, in Macedonia, ArcelorMittal Piombino, in Italy and several finishing lines at ArcelorMittal Liège,in Belgium.
The entire package is worth some €740m, of which €610 was received on 28 June. ArcelorMittal has placed €110m in an escrow account to be used by Liberty for certain capital expenditures as part of the EC approval process.