ArcelorMittal to acquire a 50% stake in the AM/NS Calvert Joint Venture from Nippon Steel.

ArcelorMittal, an integrated steel and mining firm, agreed to acquire a 50% stake in the AM/NS Calvert Joint Venture from Nippon Steel, Japan's largest steelmaker, headquartered in Chiyoda-ku, Tokyo. The transaction is subject to NSC completing its pending acquisition of US Steel, which is subject to various other regulatory requirements. Under the terms of the agreement, ArcelorMittal will pay $1 consideration for the transaction; further, NSC will inject cash and forgive partner loans in an amount estimated to be approximately $900m.