Arcelor Mittal takes over Mexican Sicartsa

Wednesday, 20 December 2006, 06:00 Hrs
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Rotterdam/Luxembourg: The world's largest steel maker, Arcelor Mittal, announced it had bought Mexican steel maker Sicartsa from Grupo Villacero for $1.4 billion, in the first takeover since Arcelor and Mittal merged in the middle of this year.

Sicartsa has an annual production capacity of approximately 2.7 million tonnes from plants in Mexico and Texas and also owns its own iron ore reserves, estimated at 160 million tonnes - or 30 years of reserves at current production rates.

The deal is subject to regulatory approval and is expected to be completed early next year.

Arcelor Mittal also said it had concluded a joint venture with Grupo Villacero for selling Arcelor Mittal products in Mexico and the southwest of the US, with each company owning a half share.
Source: IANS
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