ArcelorMittal takes over Austrian steel firm
ArcelorMittal, the world's largest steel producer, acquires Austrian steel distributor Eisen Wagner GmbH and Uruguay-based steel tube producer Cinter SA.business Updated: Dec 24, 2007 19:49 IST
ArcelorMittal, the world's largest steel producer, announced on Monday it has acquired Austrian steel distributor Eisen Wagner GmbH, and Uruguay-based steel tube producer Cinter SA.
The agreement to wholly take over 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 euros ($182 million), ArcelorMittal said in a press release.
"Once Eisen Wagner is integrated into our Central European distribution network, it will allow ArcelorMittal to 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 steel tube maker Cinter SA based in Montevideo, Uruguay. For the 2007 business year ending Sep 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.