The Alabama-based but German-owned steel plant ThyssenKrupp Steel USA will be sold to two competing buyers for $1.55 billion.

The sale was finalized after an extended period of competition for the purchase between ArceloMittal, headquartered in Luxembourg; and Japan’s Nippon Steel & Sumitomo Metal Corp. In the end ThyssenKrupp Steel, the German owner of the plant, agreed to sell to both companies.

The sale is expected to benefit Nippon and ArceloMittal by expanding their energy and car manufacturing businesses.

ThyssenKrupp decided to on-load their US steel plant when the price of steel fell, leading to financial loss for the company as well as large write-downs for the lowered value of the plant.