ArcelorMittal to acquire Venezuelan steel pipe manufacturer Unicon

Source: Manufacturing Digital

Date :1/10/2008 4:51:46 AM

ArcelorMittal, the world's largest steel company, will acquire Unicon, the leading manufacturer of welded steel pipes in Venezuela to strengthen its welded steel pipes business in South America.

Unicon who employ 2,445 people across six pipe making facilities in Venezuela supplies the Oil & Gas and Industrial & Construction sectors both domestically and overseas.

Aditya Mittal, CFO and Member of the ArcelorMittal Group Management Board, said classed the takeover as “complementary,” and would expand Arcelor’s position in the fast growing Americas market.

In a statement, Arcelor said that the transaction is subject to customary closing conditions and will release more details once the deal is closed.

January 10, 2008