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Arcelor Mittal merger one step closer

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Arcelor Mittal has announced sale of Travi e Profilati di Pallanzeno and San Zeno Acciai to Duferco for an Enterprise Value of EUR 117 million, as part of Mittal Steel’s commitments to the European Commission during there commended merger of Arcelor S.A and Mittal Steel.

 

Travi e Profilati di Pallanzeno (TPP), which is a 100% subsidiary of Arcelor, is a rolling mill located close to the Lago Maggiore in Northern Italy .

 

In 2006, the company is expected to generate a turnover of more than EUR 190 million for an annual production of approximately 500kt of long carbon steel products. TPP employs approximately 180 employees and its product range comprises light and medium sections up to a size of 300 mm for the construction industryas well as wide flats and angles for the construction industry and track shoes and cutting edges for tractors and earthmovers .

 

 

Following Mittal Steel’s bid for Arcelor earlier this year, the European Commission identifiedcompetition concerns in relation to sections. In response, the company committed to dispose ofthree European medium/heavy section mills: Arcelor’s Stahlwerk Thüringen and Travi e Profilatidi Pallanzeno ( Italy), as well as Mittal Steel’s section and bar mill Huta Bankowa (Poland).

 

 

 The divestment process for the latter is well engaged. An agreement for the sale of Stahlwerk Thüringen had already been announced on December 6, 2006.Under the same transaction Arcelor Mittal will also sell its 49.9% stake in the steel plant SanZeno Acciai – Duferco S.p.A. (SZA) (held via TPP) to Duferco. Duferco already holds 50.1% ofthat business via its wholly owned subsidiary Duferdofin S.p.A..

 

The plant is located in San Zeno(Brescia), Northern Italy. SZA is a modern electric steel making plant (EAF), recycling steel scrapto produce semi-finished steel products. SZA has so far been selling its semi-finished products toits two shareholders Duferdofin S.p.A. and TPP. In 2005, SZA generated sales of approximately EUR 200 million.

 

 

Aditya Mittal CFO Arcelor Mittal, said: “We are very pleased by this outcome. Travi e Profilati di Pallanzeno is an excellent business and it will have a great future within the Duferco group. The combination is a logical fit as the business already shares an upstream supply source with a Duferco subsidiary.”

 

 

 

 

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Written by newzjockey

December 13, 2006 at 4:48 pm

Posted in Uncategorized

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