ArcelorMittal today announces that it has been awarded a license from the Industrial Development Authority (IDA) of Egypt’s Ministry of Trade and Industry to construct a steel plant in Egypt.
The license was auctioned in a competitive bidding process and ArcelorMittal’s winning bid was L.E. 340 million (approximately USD 60 million).
Under the terms of the license, the plant will produce 1.6 million tons of steel using DRI technology, and 1.4 million tons of billets through the Electric Arc Furnace Route.
Construction of the plant, which will be located close to the Northern Red Sea Coast, is expected to start in 2009.
Aditya Mittal, CFO and Member of the ArcelorMittal Group Management Board, commented: “We are pleased to have been successful in this auction. This forms part of our three-dimensional growth strategy to look for opportunities to expand our business in the three key areas of geography, product and value chain. The Middle East is a growth market for the steel industry and it makes sense for ArcelorMittal to expand its presence in the region."
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 billion, 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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