Koppers sells Monessen coke plant to ArcelorMittal for $160 million

Koppers Holdings Inc. of Pittsburgh said today it signed a deal to sell its metallurgical coke-producing plant in Monessen to ArcelorMittal SA for about $160 million.

Koppers operates the coke plant in southern Westmoreland County. It expects the sale to be completed in the fourth quarter, subject to regulatory approvals.

ArcelorMittal, the world's largest steelmaker, currently purchases all of the coke produced at the plant. The Monessen plant has an annual production of 320,000 tons of coke, which is produced by burning impurities from coal and is used to make steel.

Koppers is selling what it considers "a non-core business" and the change of ownership will benefit all parties, including customers and employees of the Monessen plant, Koppers CEO Walter W. Turner said in a statement.

By selling the coke plant, Koppers can enhance its focus on its core business strategies to support growth in the aluminum and railroad markets, Turner said. The sale gives the company enhanced financial flexibility for possible acquisition opportunities, refinancing, dividends and share repurchases, he added.

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