Conshohocken's ArcelorMittal Plant Sold In $1.4 Billion Deal

CONSHOHOCKEN, PA — ArcelorMittal, one of the world's largest steelmakers with major plants in both Conshohocken and Coatesville, has been sold as part of a massive $1.4 billion deal with notable consequences for the global steel industry.

The American-owned, Ohio-based Cleveland Cliffs is the buyer, taking ownership from Indian steel magnate Laskhmi Mittal. Cleveland-Cliffs will now become the largest steelmaker in the nation.

There are 126 employees at the Conshohocken steel plant, which creates coiled and discrete plate, military alloy, commercial alloy, heat treated carbon, and more. Coatesville has 638 employees. Their products are used worldwide for everything from military sea vessels to apartment buildings.

Some operations at the Conshohocken steel rolling mill were halted in 2018, leading to between 150 and 200 layoffs.

Mittal was optimistic the sale would be prosperous for the company.

“This transaction is a unique opportunity for ArcelorMittal to unlock significant value for shareholders while retaining exposure to the North American economy through our high-quality NAFTA assets alongside a participation in what will be a stronger, better integrated, US business," Mittal said. "I would like to thank all employees of ArcelorMittal USA for their hard work in ensuring the business maintained its reputation as a trusted, quality supplier of steels for American manufacturing."

In addition to the southeastern Pennsylvania plants, ArcelorMittal owns mines, mills, and other steelmaking facilities across the country.