Strategic Steel Stichting to Transfer Dofasco Interests Back to ArcelorMittal
03/23/2009 - The Strategic Steel Stichting resolved last week to terminate administration of its interest in ArcelorMittal Dofasco and transfer it back to ArcelorMittal.
The Strategic Steel Stichting resolved last week to terminate the administration of its interest in ArcelorMittal Dofasco Inc. (formerly Dofasco Inc.) and transfer it back to ArcelorMittal. The Strategic Steel Stichting’s interest in ArcelorMittal Dofasco will now be transferred back to ArcelorMittal.
Formed in April 2006, the Strategic Steel Stichting is an independent Dutch foundation to which the former Arcelor group had transferred its shares in Dofasco in an effort to protect its interests and retain full control over Dofasco. Arcelor was acquired later that same year by the former Mittal Steel, which ultimately led to the formation of ArcelorMittal.
The Strategic Steel Stichting prevented Mittal from executing its original commitment (made prior to the formation of ArcelorMittal) to divesting Dofasco to ThyssenKrupp. ThyssenKrupp later petitioned Rotterdam District Court to force the Stichting’s dissolution so the sale of Dofasco could proceed; however, the Rotterdam District Court denied ThyssenKrupp’s appeal.
Unable to sell Dofasco, ArcelorMittal later sold its Sparrows Point (Md.) facility to OAO Severstal in order to satisfy U.S. Department of Justice anticompetitiveness requirements.
Unable to sell Dofasco, ArcelorMittal later sold its Sparrows Point (Md.) facility to OAO Severstal in order to satisfy U.S. Department of Justice anticompetitiveness requirements.
