ArcelorMittal, the world's largest steel company, has announced its acquisition of M.T. Majdalani Y Cia. S.A., the leading stainless steel service center and distributor in Argentina. The transaction is being reviewed by the competition authorities.
M.T. Majdalani Y Cia. S.A., founded in 1941 and until now entirely owned by the Majdalani family, employs 75 people in one site located in Buenos Aires. It sold about 12.000 tonnes in 2006 with a turnover of 46 million USD. It specializes in flat stainless steel products with cut to length and slitting facility. Its sales of sheets and tubes create a highly complementary product mix and activity which is aligned with ArcelorMittal’s stainless steel activities in South America.
Highly oriented towards its end users, M.T. Majdalani y Cia. S.A. is an efficient company with strongly motivated personnel which integrates perfectly within ArcelorMittal’s growth plan.
ArcelorMittal is the world's number one steel company, with 320,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel.
ArcelorMittal is the leader in all 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 key pro forma financials for 2006 show combined revenues of USD 88.6 billions, with a crude steel production of 118 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
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