With Its Acquisition of Carminati Distribuzione, ArcelorMittal Consolidates Its Position in the Italian Distribution Market
Regulatory News:
ArcelorMittal, the world’s number one steel company, has announced its intention to acquire a 70% stake in Carminati Distribuzione S.r.l., one of the leading steel distributors in Northern Italy. The transaction has been approved by the competition authorities.
Italy is the 2nd largest European market in terms of both steel consumption and distribution. Conversely, the country has the most fragmented distribution sector in Europe.
ArcelorMittal already operates in Italy with two distribution companies, in Udine and Bologna. With this strategic position in Northern Italy, ArcelorMittal is demonstrating its determination to play a leading role in steel distribution in this country.
Carminati Distribuzione S.r.l. (ex Carminati Siderurgica S.p.A.), founded in 1960 and until now entirely owned by the Carminati family, employs 88 people in three sites (Brescia, Bergamo and Verona). It sold over 75,000 tonnes in 2006 with a turnover of 50 million euros. It specialises in finished long products with cutting, drilling and flame-cutting activities, for beams and angles. Its sales of sheets and plates, as well as of hot rolled bars and tubes, create a highly complementary product mix and activity which is aligned with ArcelorMittal Distribuzione Italia’s strategy.
This newcomer in the distribution network will benefit from synergies with ArcelorMittal’s European flat and long production plants, as well as support from the group’s existing organisations.
Highly oriented towards its end users, Carminati is an efficient company with strongly motivated personnel which integrates perfectly within ArcelorMittal’s growth plan.
About ArcelorMittal
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 billions, 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 (MTS) and Valencia.