ARCELORMITTAL SHRINKS IN THE U.S. BY SELLING UNITS TO BLACK DIAMOND CAPITAL MANAGEMENT

ArcelorMittal is selling off its LaPlace, Louisiana, and Vinton, Texas, long carbon facilities as the multinational steelmaker and mining company looks to shrink its footprint in the United States.

Connecticut-based Black Diamond Capital Management purchased the plants for an undisclosed sum. ArcelorMittal will continue to service them during the transition in ownership so there's no disruption to customers.

"The sale of LaPlace and Vinton is consistent with ArcelorMittal's stated strategy of selective divestment of non-core assets," ArcelorMittal North America executive vice president and CEO Jim Baske said. "I would like to thank the employees of LaPlace and Vinton for their commitment and efforts over the years, and wish them a successful future under new ownership."

The deal is expected to close in April.