ArcelorMittal (MT) said Friday it has agreed to acquire Nippon Steel's 50% stake in the AM/NS Calvert joint venture, subject to Nippon completing its planned purchase of US Steel (X).

Under the deal, ArcelorMittal will pay consideration of $1, while Nippon will provide cash and forgive partner loans amounting to an estimated $900 million.

Nippon Steel requested the transaction to address regulatory concerns about its pending acquisition of US Steel, ArcelorMittal said.

"Should [Nippon] not complete its acquisition of US Steel, then the agreement will not come into effect and the AM/NS Calvert joint venture will continue," ArcelorMittal said.

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