Steel Giants Laiwu, Arcelor, Mittal Make Power Plays
Posted on: Saturday, 25 February 2006, 06:00 CST
By Duluth News-Tribune, Minn.
Feb. 25--Laiwu Steel of China has agreed to allow Luxembourg steel giant Arcelor to buy a 38.41 percent stake in its operations, the companies announced Friday.
A Laiwu subsidiary owns 30 percent of United Taconite in Eveleth.
Arcelor will pay about $249 million in the all-cash stock purchase. The transaction is subject to regulatory and government approvals.
Laiwu employs 41,000 workers. It produced more than 10 million tons of steel in 2005.
Arcelor is the second-largest steelmaker in the world. It employs 96,000 people in 60 countries.
Mittal Steel, the world's largest steelmaker and owner of the Minorca taconite plant in Virginia, has made a hostile bid to acquire Arcelor, according to news reports.
-----
Copyright (c) 2006, Duluth News-Tribune, Minn.
Distributed by Knight Ridder/Tribune Business News.
For information on republishing this content, contact us at (800) 661-2511 (U.S.), (213) 237-4914 (worldwide), fax (213) 237-6515, or e-mail reprints@krtinfo.com.
Shanghai:600102, Paris:5786,
Source: Duluth News-Tribune (Duluth, Minn.)
Related Articles
- Rotterdam Court Denies ThyssenKrupp's Petition for an Order Directing Mittal Steel to Cause Arcelor to Sue Stichting
- Arcelor Mittal Acquires Sicartsa, the Leading Mexican Long Steel Producer
- Arcelor Mittal Announces Sale of Thuringen Long Carbon Steel Plant
- Arcelor Mittal to Temporarily Slow Its European Flat Steel Production As Inventories Are Replenished
- Mittal Steel & Arcelor Hold Investor Roadshow
- European Commission Approves Mittal Steel - Arcelor Merger
- Quick News: Arcelor Buys Laiwu Stake
- Steel Giant Arcelor Agrees to Buy 38 Percent Stake in China's LaiwuSteel
- Laiwu Steel Group and Arcelor Agree That Arcelor Acquires 38.41% Stake in Laiwu Steel Corporation
- Arcelor in $3.8bn Bid for Steel Rival
 |
 |
User Comments (0)
RSS Feeds