ArcelorMittal, Gerdau to sell US mill

World's biggest steel producer ArcelorMittal on Monday said it has inked a pact with Brazil's Gerdau to sell their 50 per cent stakes in US-based Gallatin for $770 million, as part of its strategy to divest non-core assets.

"ArcelorMittal and Gerdau jointly announced today that they have entered into a definitive transaction agreement to sell their respective 50 per cent interests in Gallatin Steel Company (Gallatin) to Nucor Corporation for a total cash consideration of $770 million, subject to customary closing adjustments," the steel giant said in a statement.