The Ukrainian steelmaker Industrial Union of Donbass (ISD) has been named as the fourth partner in a joint venture sponsored by the US-based Esmark Inc., which is to buy Sparrows Point from ArcelorMittal.
Commenting on the issue, vice-president of ISD Mr. Alexander Pilipenko has stated that the deal is very important for the company since it opens the American market for ISD. However, Mr. Pilipenko refused to disclose terms of ISD's participation in the consortium saying that the agreement will be finalized by November 1, 2007.
As previously reported by SteelOrbis, on August 2 the world's largest steelmaker ArcelorMittal announced that it will sell its Sparrows Point to a consortium, consisting of Esmark, Wheeling-Pittsburgh Steel Corp, and two international steel entities, one of which is Brazil-based CVRD.