ArcelorMittal Announces Acquisition of Canadian Metals Recycler Bakermetadmin
ArcelorMittal, the world’s largest and most global steel company, today announced that it has signed an agreement to acquire Bakermet, a market leader in the scrap metal recycling industry in Eastern Ontario, Canada.
Bakermet, which specializes in all types of ferrous and non-ferrous metal, processed approximately 130,000 short tons of ferrous and 40 million pounds of non-ferrous metals in 2007. The plant, located near Ottawa, will secure upstream self sufficiency in shredded metal for ArcelorMittal’s Contrecoeur mill (ArcelorMittal Montreal).
Commenting, Jos Jacqué, CEO of ArcelorMittal Long Carbon North America, said: “This acquisition further strengthens our access to and ownership of key raw material supplies. Further, we are delighted that Bakermet’s existing management, have committed to stay with the business and bring a wealth of experience to the ArcelorMittal group. We are excited by this opportunity and look forward to integrating the Bakermet operations into the ArcelorMittal group.”
ArcelorMittal is the world’s largest and most global steel company, with 310,000 employees in more than 60 countries. The company brings together the world’s number one and number two steel companies, Arcelor and Mittal Steel.
ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal key financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
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