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ArcelorMittal to Acquire Austrian Steel Distributor
12/28/2007 - ArcelorMittal signs share purchase agreement to acquire Eisen Wagner GmbH, a leading Austrian steel distributor, from its current owners.
ArcelorMittal has signed a share purchase agreement to acquire 100% of the shares of Eisen Wagner GmbH from its current owners. According to ArcelorMittal, the transaction will help to further enhance its presence in Central Europe.
Eisen Wagner is one of Austria’s leading steel distribution companies. It sold 140,000 tons, including 60,000 tons of steel products, in 2007. Its last yearly turnover (from the year ending February 28, 2007) was 127 million euros, from a staff of 262.
"This acquisition enables us to set foot in the very competitive and dynamic Austrian steel distribution market,” said Gonzalo Urquijo, member of ArcelorMittal's Group Management Board and in charge of its Steel Solutions and Services division. “Once Eisen Wagner will be integrated into our Central European distribution network, it will allow ArcelorMittal to both strengthen its presence within this market and better serve its customers in Austria”.
The transaction is subject to the approval of the 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.
