ArcelorMittal enters agreement to acquire Venezuelan welded steel pipe maker, Unicon
27 Mar 2008
The world's largest steel maker, ArcelorMittal, has announced that it has entered a definitive agreement to acquire Unicon, the leading manufacturer of welded steel pipes in Venezuela. The purchase forms part of ArcelorMittal's strategy to strengthen its welded steel pipes business in South America.
Unicon supplies the Oil & Gas and Industrial & Construction sectors both domestically and overseas. Total shipments for the year ending March 2007 were 552,000 tonnes.
"Unicon is an excellent company commanding a leading position in Venezuela,'' said. Aditya Mittal, chief financial officer and member of the ArcelorMittal Group management board ''This highly complementary acquisition will help us expand our position in the fast growing Americas market."
ArcelorMittal has a manufacturing presence in 27 European, Asian, African and American countries , with combined revenues of $88.6 billion in 2006 and a crude steel production of 118 million tonnes, representing around 10 per cent of global 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).