ArcelorMittal acquires 49 percent in Brazil firmAugust 11th, 2008 - 7:46 pm ICT by IANS
Luxembourg, Aug 11 (IANS) ArcelorMittal, the world’s leading steel company, said Monday it has signed an agreement to acquire 49 percent of the share capital in Brazilian mining company Mineração Pirâmide Participações (MPP). MPP, based in Corumbá in the state of Mato Grosso do Sul, focuses on the exploration and development of iron ore and manganese reserves in the region.
ArcelorMittal said the price is yet to be assessed but added it plans to make additional investments to increase MPP’s iron ore production capacity in the short term.
“This investment represents a continuing development in our strategy of upstream integration,” said Sudhir Maheshwari, ArcelorMittal board member responsible for merger and acquisition, project and business development.
“Securing supplies of iron ore is an important part of that strategy and will contribute to the future sustainability of our business,” he added.
ArcelorMittal has operations in more than 60 countries, employing over 320,000 people.
- ArcelorMittal Liberia announces first iron ore shipment - Mar 20, 2012
- ArcelorMittal, partner nearing absolute control of Baffinland - Feb 08, 2011
- ArcelorMittal to buy Brazilian mining company - Aug 20, 2008
- S&P; cuts ArcelorMittal ratings to junk status - Aug 03, 2012
- Rival betters ArcelorMittal's offer for Toronto mining company - Jan 03, 2011
- Arcelor, partner in virtual takeover of iron-ore giant - Feb 19, 2011
- Jharkhand considering MoU renewal for ArcelorMittal steel plant - Aug 01, 2012
- ArcelorMittal hikes bid for Canadian iron ore giant - Jan 01, 2011
- ArcelorMittal set to buy Canadian iron ore company for $433 million - Dec 16, 2010
- ArcelorMittal says it won't extend Canadian takeover offer - Dec 23, 2010
- ArcelorMittal again gets nod from Canadian company for takeover - Jan 05, 2011
- ArcelorMittal again extends bid for Canadian ore company - Jan 11, 2011
- ArcelorMittal plans to set up steel plant in Karnataka - Nov 27, 2009
- ArcelorMittal to pursue steel projects in Orissa, Jharkhand - Nov 27, 2009
- Now ArcelorMittal joins rival in joint bid for Canadian ore co. - Jan 15, 2011
Tags: acquisition project, board member, brazil, business development, continuing development, investments, iron ore, luxembourg, manganese, mato grosso, merger and acquisition, mining company, ore production, share capital, steel company, sustainability