Dec 3 2007
ArcelorMittal and Severstal-metiz today announced that they have agreed on the sale of ArcelorMittal Wire Solutions' 50% stake in steelcord producer TrefilArbed Rus to Severstal-metiz.
The joint venture was established in 2005 when ArcelorMittal Wire Solutions joined Severstal-metiz to develop TA Rus on the Russian steelcord market, giving their JV access to specific technologies provided by ArcelorMittal Wire Solutions. This agreement will allow both companies to focus on their current wire strategies.
Severstal-metiz aims to develop high value-added products for key Russian and CIS domestic markets. ArcelorMittal Wire Solutions' main growth area in steelcord is Asia.
TA Rus is located at Severstal-metiz' Orel site. It will change its name to Orelcord. Its revenues totalled 842,5 million rubles, or about 31 million US dollars, in 2006. In 2006, the company obtained the ISO 9001 quality management certification.