August 22, 2008

ArcelorMittal to buy 70% stake in Italian steel distributor

ArcelorMittal has announced its intention to acquire a 70% stake in Carminati Distribuzione Srl, one of the leading steel distributors in Northern Italy. The transaction has been approved by the competition authorities.

Carminati Distribuzione Srl previously known as Carminati Siderurgica SpA was founded in 1960 and until now entirely owned by the Carminati family, employs 88 people in three sites at Brescia, Bergamo and Verona. It sold over 75,000 tonnes in 2006 with a turnover of EUR 50 million.

Carminati Distribuzione Srl specializes 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.

ArcelorMittal said that “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 organizations. Highly oriented towards its end users, Carminati is an efficient company with strongly motivated personnel which integrates perfectly within ArcelorMittal's growth plan.”

ArcelorMittal already operates in Italy with two distribution companies, in Udine and Bologna.