ArcelorMittal, the world's largest steel maker, and Brazil's Gerdau announced they would sell their 50-50 joint venture Gallatin Steel to U.S. producer Nucor for $770 million. The Gallatin plant, located in Kentucky, produces flat rolled steel with melting scrap and iron from various sources and has an annual capacity of 1.8 million tons. ArcelorMittal said it expected the deal to close by the end of the year. (Reuters)