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ArcelorMittal Acquires South American Stainless Tube Maker Cínter SA

12/27/2007 - ArcelorMittal announced the acquisition of Cínter SA, a stainless steel tube producer located in Uruguay that will help to support the company’s strategy to strengthen stainless capacity in South America.

ArcelorMittal announced the acquisition of Cínter SA, a stainless steel tube producer located in Uruguay. For ArcelorMittal, the purchase will help to support its strategy to strengthen its stainless steel capacity in South America.
 
Employing about 200 people in three sites located in Montevideo, Cínter SA has achieved a strong position in stainless steel tubes, with offerings that include stainless steel tubes in AISI 409, AISI 441, AISI 439, AISI 304L and AISI 304, as well as aluminized tubes of type ASTM 463.
 
According to ArcelorMittal, in addition to Cínter’s current strength in stainless tubes, the company has also developed a number of specialties that will complement its present stainless business. An efficient company that ArcelorMittal believes will integrate well within its South American growth plan, Cínter’s net sales for the year ended September 2007 were US$47million.
 
The transaction is subject to the approval of the required competition authorities. 
 
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
 
ArcelorMittal’s key pro forma financials for 2006 show combined revenues of USD 88.6 billion, with a crude steel production of 118 million tonnes, representing around 10% of world steel output.