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Article: ArcelorMittal still on buying spree, acquires Argentine steel distributor
- Article from:
- AP Worldstream
- Article date:
- December 11, 2007
CopyrightCopyright 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. (Hide copyright information)
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Steelmaker ArcelorMittal added another purchase to its South American buying spree on Tuesday, acquiring Argentina's largest steel distributor M.T. Majdalani y Cia. SA.
It did not say how much it paid for the family-owned company, which sells flat stainless steel products and had a turnover of US$46 million (31.25 million) last year.
ArcelorMittal, towering over rivals with its control of 10 percent of world steel output, said Majdalani was highly focused toward its end users and would integrate perfectly within its operations in the region.
The deal will need regulatory approval, ArcelorMittal said.
Demand for steel is growing in Latin America as economies there ...