October 11, 2008

ArcelorMittal wins EU approval to buy stake in Gonvarri Brasil

It is reported that European Commission has cleared steel group ArcelorMittal's proposed acquisition of a 50% stake in Gonvarri Brasil, forming a steel service centre joint venture.

The transaction was reviewed under the EU's 'simplified' merger review procedure for cases which the commission believes do not pose competition concerns.

No financial details were disclosed.

ArcelorMittal already holds a significant stake in the Gonvarri group, which services automotive, industry and distribution customers and has been a major supplier for several years. The two groups already own a common facility in Senica, Slovakia, which started operations in 2007.