LUXEMBOURG (AP) -- ArcelorMittal will buy Louisiana's Bayou Steel for $475 million, the world's largest steelmaker said Monday.
ArcelorMittal SA also said it had increased its stake in the Turkish steel company Erdemir to 25 percent.
Bayou Steel, which uses scrap steel as its principal raw material, operates a mini-mill on the Mississippi River in LaPlace, La., as well as a rolling mill in Harriman, Tenn. The purchase is subject to regulatory approval.
The company bought an additional 11.31 percent of shares in Erdemir on June 13. The value of the acquired stake is $869.25 million.
