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ArcelorMittal, Votorantim to merge Brazilian long steel ops

Thursday, February 23, 2017 14:03
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(Before It's News)

ArcelorMittal (NYSE:MT), the world’s biggest steel company, and Brazilian industrial conglomerate Votorantim plan to combine their long steel operations in the country, the companies confirmed on Thursday.

The merger will result in a producer of long steel products – which are typically used in construction and railways – with annual crude steel production capacity of 5.6mln tonnes.

ArcelorMittal is the largest steelmaker by output, producing around 90mln tonnes last year.

Under the deal, Votorantim Siderurgia will become a subsidiary of ArcelorMittal Brasil.

ArcelorMittal’s Wall Street ADRs were down 4% at $8.74 late on Thursday. 

Story by ProactiveInvestors



Source: http://www.proactiveinvestors.com/companies/news/173639/arcelormittal-votorantim-to-merge-brazilian-long-steel-ops-173639.html

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