ArcelorMittal Announces Acquisition of Concept Groupadmin
ArcelorMittal, the world’s largest integrated metals and mining company, today announces that it has signed an agreement to acquire the Concept Group (“Concept”).
Concept, located in southern West Virginia and adjacent to the recently acquired Mid Vol Coal Group in the Central Appalachian Coal Basin, produced 0.8 million tons of metallurgical coking coal in 2007 and has control over recoverable saleable reserves and resources in excess of 57 million tons.
Commenting, Aditya Mittal, Chief Financial Officer and Member of ArcelorMittal’s Group Management Board said:
“With raw material costs continuing to soar, increasing our upstream self sufficiency in our primary raw materials is a critical component of our growth strategy. Concept’s proximity, on adjacent coal properties to our recently acquired Mid Vol operations means we can draw on the strength of both companies in increasing the combined production capacity. While Mid Vol’s expertise is in surface mining techniques, Concept’s expertise rests with underground mining methods however both operations have the potential for combining both practices. We look forward to integrating the Concept operations into the ArcelorMittal group.”
Notes to Editors
The reserve and resource figure is presented as per the Marshall Miller report commissioned by Concept using methodology outlined in United States Geological Survey (USGS) Circular 891 and United States Securities and Esxchange Commission (SEC) Industry Guide 7
ArcelorMittal is the world’s largest integrated metals and mining company, with over 310,000 employees in more than 60 countries.
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 over 20 countries across 4 continents exposes the company to all the key steel markets, from emerging to mature.
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).
For more information about ArcelorMittal visit: www.arcelormittal.com
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