ArcelorMittal announced Monday that it has terminated its agreement with E2 Acquisition Corporation for the sale of Sparrows Point due to E2's inability to secure financing.
ArcelorMittal terminated the agreement to sell the Sparrows Point facility and related assets to E2, a joint venture sponsored by Esmark Inc. and Wheeling-Pittsburgh Corp., upon the recommendation from its court-appointed trustee.
The company says that it will continue to work closely with the DOJ and the court-appointed trustee to satisfy the terms of the consent decree to divest the Sparrows Point facility. The plant will continue to be operated by ArcelorMittal during the divestiture process.