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ArcelorMittal announces acquisitions in Austria, Uruguay

ArcelorMittal announces acquisitions in Austria, Uruguay

ArcelorMittal on Monday announced the acquisition of Cinter SA, a stainless steel tube producer in Uruguay, and Eisen Wagner GmbH, an Austrian steel distribution company.
The world's largest steel company said the acquisitions would strengthen its position in South America and Central Europe.
Luxembourg-based ArcelorMittal said it had signed a share purchase agreement to acquire 100 percent of shares in the Austrian company, but its statements did not say how much it had paid for either company.
ArcelorMittal said Cinter enjoys a strong position in stainless steel tubes with net sales for the year up to September of US$47 million (euro33 million). "It is an efficient Company that will perfectly integrate within the growth plan of ArcelorMittal in South America," the company said in a statement.
Eisen Wagner had a last yearly turnover of euro127 million (US$183 million).
"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 ArcelorMittal board member Gonzalo Urquijo.
ArcelorMittal said both deals were subject to regulatory approval.


Updated : 2021-08-05 03:58 GMT+08:00