Arcelor has signed an agreement with Central Wire for the sale of Techalloy Company, Inc. shares.
Techalloy Company, Inc., owned by Arcelor through its Ugitech S.A. subsidiary, is a U.S. based company with its head office in Mahwah (New Jersey) and production plants in Baltimore, Perris and Union. Techalloy Company, Inc. is specialized in the production of stainless steel and nickel alloy wire and of welding electrodes. Techalloy Company Inc. is the leading stainless steel and alloy wiredrawer in the NAFTA zone, with more than 20% of the North American market.
Central Wire is a Canadian producer of stainless steel and alloy drawn wire with 2 production plants in Canada and 2 others in the USA. Central Wire is one of the leading North American wiredrawers.
The transfer of ownership is effective from February 9, 2005.
The sale of Techalloy Company, Inc. contributes to the Stainless Steel Sector's strategy of refocusing on its European and Brazilian Flat Products core businesses.
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