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September 10, 2007 14:56 IST
ArcelorMittal bought a 51 per cent stake in Turkey's major steel stockholding company, the steel giant announced on Monday.
The transaction, subject to antitrust authorities approval, is expected to be completed by the end of this year, said Gonzalo Urquijo, member of the Group Management Board of ArcelorMittal.
In his statement Urquijo said that "this acquisition is an important step to meet the strong Turkish demand in all products. The acquisition of this stake in Rozak will allow our steel distribution business in this country to reach its capacity target in 2010."
Rozak is Turkey's major steelmaker and specialises in production of sheet and plates at its five plants in Turkey.
In 2006, it shipped 450,000 tonnes of steel with a turnover of 260 million euros.
Turkey is one of the fastest growing steel markets in the world with a dynamic construction sector growing at 10 per cent annually.
The Mittal Steel-Arcelor saga
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