Arcelor, which is being pursued as an acquisition target by Mittal Steel, announced that it is working with Severstal, the largest Russian steel company, on a merger. If completed, the merger would create the largest steel company in the world. The combined company would have sizable assets in both developed and developing companies, including significant positions in Brazil and Russia.
The surprise announcement follows months of maneuvering by Mittal Steel, which has been attempting to acquire the European-based Arcelor.
Sales for the combined companies would be around EUR 46 billion, and would have worldwide production capacity of around 70 million metric tons.
The combined entity will consolidate Arcelor’s technology leadership and experience and will be the undisputed world leader in all product segments including flat carbon steel, long carbon steel and distribution. The combination will strengthen Arcelor’s Number 1 global position in the automotive steel segment (with Number 1 positions worldwide with a global market share over 20 percent - more than double that of its nearest competitor).
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