The U.S. Department of Justice?s approval of the acquisition of the Sparrows Point mill by Esmark, Wheeling-Pittsburg Corp. and E2 Acquisition Corp. from ArcelorMittal USA should bring employment and production opportunities to Baltimore County.
The Justice Department on Wednesday approved the acquisition by E2 of the mill for $1.35 billion.
“I see employment being higher in 2008 than it is in 2007,” Craig T. Bouchard, chairman and chief executive officer of E2, told The Examiner. “We?re going to be an active recruiter of talent for all levels of employment, and that process will start immediately.”
ArcelorMittal?s Sparrows Point facility is a former Bethlehem Steel fully integrated steel-making facility capable of producing 3.9 million tons of raw steel annually.
“We are confident that the acquisition of the historic steel site at Sparrows Point, located on the deep water port of Baltimore, is an opportunity not soon to be seen again,” Bouchard said in a statement.
In a previous interview with The Examiner, Bouchard said the acquisition would present many development opportunities, including a new coal-fired power plant.
James P. Bouchard, Craig?s brother and chairman and CEO of Esmark and Wheeling-Pittsburg Corp., echoed his sibling?s comments.
“Wheeling-Pitt will enter into a strategic slab purchase agreement with Sparrows Point, which will simultaneously increase shipments and fuel revenue growth,” James Bouchard said in a statement. “[We have] recognized the extraordinary potential of these two companies and initiated the pursuit of Sparrows Point.”
The Justice Department ordered ArcelorMittal in February to sell Sparrows Point to preserve competition in the steel market in the eastern United States.
Esmark, headquartered in Chicago, is a steel services family of companies.
The transaction is expected to close at the earliest possible date, subject to oversight and approval by the recently appointed court trustee.
