Home NewsBusiness News arcelormittal: ArcelorMittal buys Brazilian steel co for $2.2 billion

arcelormittal: ArcelorMittal buys Brazilian steel co for $2.2 billion

by WOOWinvest
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arcelormittal: ArcelorMittal buys Brazilian steel co for $2.2 billion

ArcelorMittal agreed to buy Brazilian steelmaker CSP from shareholders including Vale SA for $2.2 billion as the steelmaker continues to expand its presence in the Americas.

ArcelorMittal itself was created through one of

Led by billionaire executive chairman Lakshmi Mittal, he made the biggest acquisition ever. Over the past few years, it has suddenly bought plants from the US to India and Italy.

The CSP plant, which Vale has built over the past decade, is considered a non-core asset by the world’s second-largest iron ore producer. For ArcelorMittal, it offers a potential supply of steel plates to meet demand from its plants in North and South America. It can also scale up to produce mild steel.

“In CSP, we are acquiring a modern, efficient, mature and profitable business that will further enhance our position in Brazil and add immediate value to ArcelorMittal,” said CEO Aditya Mittal.

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