Jul 21 2008
ArcelorMittal, the world's largest integrated metals and mining company, today announces that it has signed an agreement to acquire the Concept Group ("Concept").
Concept, located in southern West Virginia and adjacent to the recently acquired Mid Vol Coal Group in the Central Appalachian Coal Basin, produced 0.8 million tons of metallurgical coking coal in 2007 and has control over recoverable saleable reserves and resources in excess of 57 million tons.
Commenting, Aditya Mittal, Chief Financial Officer and Member of ArcelorMittal's Group Management Board said:
"With raw material costs continuing to soar, increasing our upstream self sufficiency in our primary raw materials is a critical component of our growth strategy. Concept's proximity, on adjacent coal properties to our recently acquired Mid Vol operations means we can draw on the strength of both companies in increasing the combined production capacity. While Mid Vol's expertise is in surface mining techniques, Concept's expertise rests with underground mining methods however both operations have the potential for combining both practices. We look forward to integrating the Concept operations into the ArcelorMittal group."
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