Dec 17 2010
The stainless steel division of ArcelorMittal has today published its European prospectus and demerger plan, following the decision of the ArcelorMittal Board of Directors to proceed with the spin-off of the stainless steel business.
The stainless steel division also announces that its new name will be Aperam as at the date of the spin-off.
Bernard Fontana, CEO of ArcelorMittal’s stainless steel division, said: ‘Today we announce the launch of the new identity of ArcelorMittal’s stainless steel division under the Aperam name. This is a first step for Aperam as a leading independent stainless and specialty steel company. We look forward to continuing to develop our excellent customer, supplier and employee relationships as Aperam going forward.’
Mr Fontana further commented: ‘Today we also file our demerger prospectus which will provide our future investors and the broader capital markets community with important information regarding our Company.’
Aperam has also launched an initiative to target management gains and profit enhancement of USD 250 million over the next two years. The program, known as the “Leadership Journey”, will focus on cost reductions and increasing productivity. As part of this program, Aperam plans to convert its blast furnace number 2 to charcoal in its Brazilian plant in Timoteo, to suspend temporarily its traditional Cold rolling mill in its French plant in Isbergues (capacity of 100,000t) and to invest USD 62 millions in the productivity of its hot annealing and pickling line in Gueugnon (France).
Source: http://www.arcelormittal.com/