ArcelorMittal picks up Turkish steel major Rozak

Brussels: The world''s number one steel company, ArcelorMittal, has picked up a 51 per cent stake in Rozak, Turkey''s major steel stockholding company, the steel giant announced on Monday. According to Arcelor officials, the transaction, subject to antitrust authorities approval, ought to be complete by the end of this year.

Rozak is Turkey''s major steel producer and produces sheet and plates at its five plants in Turkey. It shipped 450,000 tonnes of steel in 2006, with a turnover of 260 million euros.
Turkey is recognized as one of the fastest growing steel markets in the world, riding on the back of a construction sector that is growing annually at 10 per cent.

ArcelorMittal is the world''s largest steel company, with 320,000 employees in more than 60 countries. The company was formed in July 2006 through the merger of Mittal Steel Co. NV and Arcelor SA. With a crude steel production of 118 million tonnes, ArcelorMittal accounts for about 10 per cent of the global steel output.