Emerging Stories: ArcelorMittal (MT), Walgreen (WAG), Exxon Mobil (XOM)

Albany, New York (09/24/2014) – ArcelorMittal SA (ADR) (NYSE:MT) will jointly invest $46.7 million in Calvert steel plant in Alabama in partnership with Nippon Steel & Sumitomo Metal Corp (NSSMC). The newly announced investment in Calvert steel is aimed at bringing the facility to full capacity while also boosting product quality. According to the companies, $40 million will go into expanding capacity in Calvert while $6.7 million targets boosting the steel finishing operations at that plant, especially the continuous coating line. Calvert steel facility has an annual capacity of 5.3 million metric tonnes. ArcelorMittal SA (ADR) (NYSE:MT), the world’s largest producer of steel, recently inked a deal with its joint venture partner, Gerdau, to sell their stakes in Gallatin Steel for $770 million. They sold the JV to Nucor Corporation. That was another step for the ArcelorMittal (MT) to unload its non-core assets as it increases investment in promising ones line Calvert.

Walgreen Company (NYSE:WAG) is reportedly in talks to sell a controlling stake in its unit known as Walgreen Infusion Services, people with insider knowledge told Reuters. The sale of the unit could fetch about $1.5 billion, and the buyer would have slightly over 50% control of the business. The infusion business employs over 1,600 clinicians, and it has an annual Ebitda of $105 million. Walgreen Company (NYSE:WAG)’s infusion unit serves homes and care centers across the U.S., and it offers infusion therapies for conditions such as bleeding disorders. Bank of America Corp (NYSE:BAC) has been tapped to help with the sale of the unit.

Exxon Mobil Corporation (NYSE:XOM) has earned two weeks of extension to put its house in order and exit operations in Russia, including halting operations at the Kara Sea project. That comes as the U.S., and EU increased their sanctions against Moscow. The extension of two weeks means that Exxon Mobil Corporation (NYSE:XOM) has until October 10, to comply with the new directives. That means that it will halt works at the $600 million Kara Sea project in which it is in a joint venture with Rosneft.

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John is a special projects and general assignment reporter, noted for breaking several exclusive stories.

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