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ArcelorMittal Expands Stake in Erdemir to Nearly 25%

06/17/2008 - ArcelorMittal increases its ownership of Turkish steel company Erdemir to 24.989%, with the acquisition of an additional 11.31% stake in the company at a cost of US$ 869.25 Million.

ArcelorMittal has increased its ownership of Turkish steel company Erdemir to 24.989%.
 
The increase is the result of purchases made by the company on June 13, when it acquired shares in transactions with Société Générale, Nextgen Capital Limited and Credit Suisse International.
 
With these purchases, ArcelorMittal acquired an additional 11.31% stake in Erdemir at an acquisition price of YTL 8.4 (US$ 6.69) per share. The value of the acquired stake is US$ 869.25 Million.
 
“We are pleased to be making this strategic investment in Erdemir, which we see as a very attractive company in a rapidly growing economy with excellent prospects for further growth,” said Sudhir Maheshwari, Senior Executive Vice President of ArcelorMittal and a member of the company’s Group Management Board.
 
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company leads a number of major global markets and boasts leading R&D and technology, as well as sizeable captive supplies of raw materials and solid distribution networks. An industrial presence in 28 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 financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output.