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U.S. Steel sells off its stake in specialty steel plant

U.S. Steel sells off its stake in specialty steel plant

United States Steel Corp. has sold its shares in a steel processing plant in Michigan it owned for nearly four decades in a joint venture with Worthington Industries. Marubeni-Itochu Steel Inc.'s U.S. subsidiary acquired the Worthington Specialty Processing plant in Jackson, Michigan. Financial terms of the all-cash deal weren't announced, although a Securities and Exchange Commission filing by Worthington said it received $21.3 million in net cash proceeds from the deal.