December 03, 2008

ArcelorMittal acquire additional shares of Noble International

ArcelorMittal announced that it has provided Noble International Ltd with a USD 50 million convertible subordinated loan. The proceeds of this financing will be used by Noble to reduce Noble's North American senior debt and to support its operations.

ArcelorMittal also announced that it has agreed to acquire an additional 10.31% of shares of Noble from Mr Robert J Skandalaris chairman and founder of Noble. That it will increase ArcelorMittal's shareholding in Noble to approximately 49.95%.

The agreement is subject to satisfaction of certain conditions.

The release added that “ArcelorMittal looks forward to working closely with Noble in order to build on Noble's success.”

Noble is the world's largest producer of laser-welded steel products.