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ArcelorMittal Takes Control, Plans Expansion of Turkish Stainless Service Center

07/15/2008 - ArcelorMittal Stainless International will acquire an additional 35% stake in Uginox Sanayi ve Ticaret Limited Sirketi under a new agreement with Primex of Germany.

ArcelorMittal and Primex of Germany have reached an agreement in which ArcelorMittal Stainless International is acquiring Primex’s 35% stake in Uginox Sanayi ve Ticaret Limited Sirketi.
 
Formed in 1997 as a 65/35 joint venture between Arcelor and Primex, Uginox, which will be renamed ArcelorMittal Istanbul Stainless Service Turkey, operates a coil processing and service center in Gebze, close to Istanbul. Most of its business is dedicated to servicing the fast growing automotive and white goods markets.
 
“This transaction consolidates our positions on a fast growing market and allows us to follow our key customers from the appliance and automotive sectors in their own development,” said Jean-Yves Gilet, CEO of ArcelorMittal Stainless.
 
ArcelorMittal says it will gradually double the size of its stainless service operations in Turkey over the coming years. The Uginox facility processed about 38,000 tons of stainless steel in 2007 and had revenues of about 102 million USD.
 
ArcelorMittal is the world's largest integrated metals and mining company, with over 310,000 employees in more than 60 countries. The company leads a number of major global markets, and holds leading R&D and technology, as well as sizeable captive supplies of raw materials and significant distribution networks. An industrial presence in over 20 countries across 4 continents exposes the company to key steel markets, from emerging to mature.
 
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.