7/16/2008

ArcelorMittal acquires full control of Turkey unit

Reuters - ArcelorMittal, the world's largest steelmaker, is to acquire full control of its stainless steel service centre in Turkey and double its operations, the company said in a statement yesterday. ArcelorMittal struck a deal to buy 35 percent of Uginox Sanayi ve Ticaret Limited Sirketi that was owned by German company Primex. Uginox, which operates a coil processing and service centre in Gebze, near Istanbul, was created in 1997 as a 65/35 percent joint venture between Arcelor and Primex. Most of its business is devoted to servicing the automotive and white goods markets. In 2007, it processed about 38,000 tons of stainless steel and had revenue of about $102 million. "ArcelorMittal has also decided to gradually double, over the coming years, the size of its stainless service operations in Turkey, which will be renamed ArcelorMittal Istanbul Stainless Service Turkey," the company said in the statement.

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