ArcelorMittal takes over Austrian, Uruguay steel firms

Competition

ArcelorMittal, the world’s largest steel producer, announced Monday it had acquired Austrian steel distributor Eisen Wagner GmbH, and Uruguay-based steel tube producer Cinter SA.

The agreement to take over 100% of Eisen Wagner was aimed at enhancing ArcelorMittal’s Central European presence. Eisen Wagner, one of Austria’s leading steel distributors in 2007, reported a turnover of €127 million, ArcelorMittal said in a press release. „Once Eisen Wagner will be integrated into our Central European distribution network, it will allow ArcelorMittal to both strengthen its presence within this market and better serve its customers in Austria,” said gonzalo Urquijo, member of ArcelorMittal’s Group Management Board and in charge of its Steel Solutions and Services division.

The company also announced the takeover of Cinter SA, a steel tube make based in Montevideo, Uruguay. For the 2007 business year ending September 30, Cinter posted net sales of $47 million. „It is an efficient company that will perfectly integrate within the growth plan of ArcelorMittal in South America”, ArcelorMittal said. Both acquisitions are subject to approval by competition authorities. No information on the price paid for either company was provided.
ArcelorMittal is the world’s largest steel company, and market leader in all major global markets, the company said, reporting combined for 2006 of $88.6 billion, accounting for about 10% of the world steel production. (m&c.com)

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