U.S. Markets open in 2 hrs 33 mins

ArcelorMittal, Nippon Steel to buy Thyssen U.S. plant for $1.55 billion

Workers stand in the steel coil yard at the ThyssenKrupp Steel USA factory in Calvert, Alabama November 22, 2013. REUTERS/Lyle Ratliff

FRANKFURT (Reuters) - Arcelormittal (MT.AS) and Nippon Steel & Sumitomo Metal Corp <5401.T> agreed to buy ThyssenKrupp's (TKA.DE) steel plant in the United States for $1.55 billion, ArcelorMittal said late on Friday.

The transaction will be financed through a combination of equity and debt at the joint venture level and will yield $60 million of annual savings, it said.

The deal includes a six-year agreement to purchase 2 million tons of steel slab per year from ThyssenKrupp's CSA steel mill in Brazil.

(Reporting by Maria Sheahan; Editing by Jonathan Gould)