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ArcelorMittal Announces Acquisition of Carminati Distribuzione
10/29/2007 - ArcelorMittal will acquire a 70% stake in Carminati Distribuzione Srl, one of the leading steel distributors in Northern Italy.
ArcelorMittal has announced its intention to acquire a 70% stake in Carminati Distribuzione Srl, one of the leading steel distributors in Northern Italy. The transaction has been approved by the competition authorities.
ArcelorMittal already operates in Italy with two distribution companies, in Udine and Bologna. With this strategic position in Northern Italy, ArcelorMittal is positioning itself to play a leading role in steel distribution in this country, which has the most fragmented distribution sector in Europe, despite being the 2nd-largest European market in terms of both steel consumption and distribution.
Carminati Distribuzione specializes in finished long products with cutting, drilling and flame-cutting activities, for beams and angles. Its sales of sheets and plates, as well as of hot rolled bars and tubes, create a highly complementary product mix and activity to ArcelorMittal Distribuzione Italia’s strategy.
Highly oriented towards its end users, Carminati is an efficient company with strongly motivated personnel that will integrate well with ArcelorMittal’s growth plan. As a newcomer in the distribution network, Carminati will benefit from synergies with ArcelorMittal’s European flat and long production plants, as well as support from the group’s existing organizations.
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 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.
Founded in 1960, Carminati Distribuzione (ex Carminati Siderurgica SpA) was until now entirely owned by the Carminati family. The company employs 88 people in three sites (Brescia, Bergamo and Verona), and in 2006 it sold over 75,000 tonnes with a turnover of 50 million euros.
