Jan 10 2008
ArcelorMittal, the world's largest steel company, has announced that it has entered a definitive agreement to acquire Unicon, the leading manufacturer of welded steel pipes in Venezuela. The purchase forms part of ArcelorMittal's strategy to strengthen its welded steel pipes business in South America.
Unicon supplies the Oil & Gas and Industrial & Construction sectors both domestically and overseas. Total shipments for the year ending March 2007 were 552,000 tonnes.
Unicon employs 2,445 people across six pipe making facilities in Venezuela.
Aditya Mittal, CFO and Member of the ArcelorMittal Group Management Board, commented: "Unicon is an excellent company, commanding a leading position in Venezuela. This highly complementary acquisition will help us expand our position in the fast growing Americas market."
The transaction is subject to customary closing conditions. Once the transaction closes, ArcelorMittal will disclose further relevant information.