ArcelorMittal plans to acquire 14% in Czech arm

Submitted by Ketan Sharma on Thu, 11/12/2009 - 17:11

ArcelorMittal, world's major steel manufacturer, has announced that it will soon purchase additional 13.8% stake in its Czech subsidiary ArcelorMittal Ostrava.

The deal, which will be finalized in 2010, will entail an investment of USD 404.3 million (about Rs 1,900 crore).

ArcelorMittal Ostrava is equipped with the capacity to produce 3 million tonnes of steel annually. In a declaration, ArcelorMittal said that the acquisition deal will take company's stake to approximately 96% in ArcelorMittal Ostrava. Presently, ArcelorMittal owns 82.548% stake in the Czech firm.


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