Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

ArcelowMittal More than Double Stake in Turkish Steel Company

Jun 16 2008

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ArcelorMittal announces that following purchases of 11.31% on June 13 it now owns 24.989% of the Turkish steel company Erdemir.

The shares were acquired in transactions with Société Générale, Nextgen Capital Limited and Credit Suisse International.

The acquisition price was YTL 8.4 (US$ 6.69) per share. The value of the acquired stake is US$ 869.25 Million.

Sudhir Maheshwari, Senior Executive Vice President of ArcelorMittal and a member of the company’s Group Management Board, said: "We are pleased to be making this strategic investment in Erdemir, which we see as a very attractive company in a rapidly growing economy with excellent prospects for further growth.”

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