United States Steel (US Steel) announced today that it has completed the acquisition of the remaining 51.1 equity of Big River Steel for a total of $774mn.
Last month, US Steel was waiting on Antitrust approvals and other formalities to be completed in acquiring the Arkansas-based steelmaker. With this acquisition, the US Steel combines both integrated steelmaking and mini mill into a single company, it said in a statement.
Big River Steel is considered one of North America’s largest flat rolled mills with a production capacity of 3.3mn mt of steel per year. US Steel expects its business to begin growing at a quick pace, thanks to improved cost-effectiveness.