Dec 27 2007
ArcelorMittal, the world's largest steel company, announces today that it has signed a Share Purchase Agreement to acquire 100% of the shares of the Austrian steel distribution company Eisen Wagner GmbH from the current owners. The transaction is designed to further enhance ArcelorMittal's presence in Central Europe and is subject to the approval of the competition authorities.
Eisen Wagner is one of the leading steel distribution companies in Austria. It sold 140,000 tons and out of this 60,000 tons of steel products were processed in 2007. Its last yearly turnover from the year ending 28 February 2007, was 127 million euros, for a staff of 262.
Gonzalo Urquijo, member of ArcelorMittal's Group Management Board and in charge of its Steel Solutions and Services division, commented: "This acquisition enables us to set foot in the very competitive and dynamic Austrian steel distribution market". "Once Eisen Wagner will be integrated into our Central European distribution network, it will allow ArcelorMittal to both strengthen its presence within this market and better serve its customers in Austria".