6/6/2008

ArcelorMittal and Turkey's Borusan win EU approval for venture

Bloomberg – ArcelorMittal, the world's biggest steelmaker, won European antitrust approval to form a $500 million joint venture with Borusan Holding AS to build a plant in Turkey and double the country's production of flat steel. The European Commission, the 27-nation European Union's antitrust regulator in Brussels, said it approved the joint venture in a statement. The companies announced the joint venture in October. Output of flat steel, processed from raw slabs, is scheduled to start at the new plant in the first half of 2010, with annual capacity reaching 4.8 million tons, Borusan said at the time. Half the output will be sold to Borusan's Turkish units and 15 percent will be exported. ArcelorMittal is expanding in Turkey as part of plans to increase its global shipments more than 20 percent to meet surging demand from emerging-market economies such as China, and India.
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