Posted in | News | Ferrous Alloys and Metals | Business | Iron and Steel

Mittal Steel Company Enters Into Agreement for the Acquisition of Three Stelco Subsidiaries

Nov 24 2005

Mittal Steel Company has announced that its Canadian subsidiary, Mittal Canada Inc., has entered into a definitive agreement with Stelco Inc. of Ontario concerning the acquisition of Norambar Inc., Stelfil Ltee and Stelwire Ltd.

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Norambar and Stelfil are located in Quebec and Stelwire is located in Ontario. These facilities complement Mittal Canada's manufacturing operations and will enable Mittal to offer a wider product range to better serve its North American customers.

As Stelco is currently subject to a proceeding under the Companies' Creditors Arrangement Act, the purchase price was not disclosed. As in past sale transactions during its restructuring process, Stelco will ask the Court to seal such information until the sale has closed or until such other time as may be appropriate.

The purchase is subject to a number of conditions and it is anticipated that, if all consents and approvals are obtained as planned, the closing of the transaction will take place in early 2006.

http://www.mittalsteel.com/

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