ArcelorMittal, the world's largest integrated metals and mining company, has announced that it has signed an agreement with the US-based Koppers Inc. for the acquisition of Monessen Coke Plant. The total cost of the acquisition is $160 million.
Monessen Coke Plant is located in Monessen, Pennsylvania, consists of two coke batteries, housing 56 coke ovens, and in 2007 it produced 320,000 metric tons of metallurgical coke.
Commenting on the acquisition, ArcelorMittal management board member Sudhir Maheshwari stated, "This acquisition is an important step towards increasing our upstream self-sufficiency in metallurgical coke production during a time when metallurgical coke demand on a global scale remains strong. ArcelorMittal currently purchases all of the coke produced by the Koppers' Monessen Coke Plant."
The transaction is subject to receipt of relevant regulatory approvals.