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ArcelorMittal Enters the Estonian Market
11/15/2007 - ArcelorMittal acquires a 100% stake in Galvex OÜ, a privately owned Estonian steel galvanizing line that produced 190,000 tonnes of hot dip galvanized steel in 2006.
ArcelorMittal has acquired a 100% stake in Galvex OÜ, a privately owned Estonian steel galvanizing line.
Based in Tallinn, Galvex OÜ is located on the Baltic Sea. In 2006, the line produced 190,000 tonnes of hot dip galvanized steel, mainly for the construction sector, with sales totaling 125 million Euros.
‘We look forward to bringing our expertise to Galvex OÜ as it joins our Central and Eastern Europe portfolio, which has already proved very successful, accounting for 18% of ArcelorMittal’s steel production in 2006,’ said Michel Wurth, Member of ArcelorMittal’s Group Management Board.
The acquisition is subject to customary regulatory clearances and approvals.
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.
