ArcelorMittal has finalized the purchase of a German steel finishing facility in Alabama that will allow it to better serve southern auto plants.
Steel giant ArcelorMittal already makes an estimated 40 percent of the steel that is used by U.S. automakers, and will soon take over a plant that was designed to supply the growing number of auto factories in the south.
ArcelorMittal has partnered with two other companies to buy a steel finishing facility in Alabama for nearly $1.6 billion.
ArcelorMittal and U.S. Steel have been working on streamlining operations after a prolonged economic slump has kept them from being profitable, and the Pittsburgh-based steelmaker plans to review labor costs at all its facilities.
ArcelorMittal posted a loss of $780 million over the last three months, the fourth straight quarter that the world's largest steelmaker has lost money.
NEW YORK | The head of ArcelorMittal said Tuesday that European governments should use the United States' example in prioritizing public policies that boost economic growth instead of taking a sharp focus on austerity.
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