August 18, 2008
ArcelorMittall is Adding Another Mining Operation
ArcelorMittal is adding another mining enterprise to its corporate family.The Luxembourg-based company has signed an agreement to acquire the Concept Group, a mining company in southern West Virginia.
Located adjacent to the recently acquired Mid Vol Coal Group in the Central Appalachian Coal Basin, Concept produced 800,000 tons of metallurgical coking coal in 2007 and has control over recoverable saleable reserves and resources in excess of 57 million tons.
"With raw material costs continuing to soar, increasing our upstream self sufficiency in primary raw materials is a critical component of ArcelorMittal's growth strategy," said Sudhir Maheshwari, a member of ArcelorMittal's Group Management Board.
"Concept's proximity to Mid Vol's operations means we can draw on the strengths of both companies to increase their combined production capacity. Whilst Mid Vol's expertise is in surface mining techniques, Concept's expertise rests with underground mining methods.
"However, both operations have the potential to combine both practices. We look forward to integrating Concept's operations into the ArcelorMittal group."
ArcelorMittal, the world's largest integrated metals and mining company, operates a tin mill in Weirton.
Copyright State Journal Corporation Jul 25, 2008
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