ID :
12509
Mon, 07/14/2008 - 19:10
Auther :
Shortlink :
http://m.oananews.org//node/12509
The shortlink copeid
ArcelorMittal takes full control over Uginox in Turkey
London, July 14 (PTI) Global steel player ArcelorMittal Monday said it has taken full control over its stainless service centre Uginox in Turkey and will gradually double itsoperations over the coming years.
"ArcelorMittal and Primex (Germany) have reached an agreement whereby ArcelorMittal Stainless International is acquiring 35 percent stake in Uginox Sanayi ve Ticaret Limited Sirketi, which was owned by Primex," a statement fromArcelorMittal said.
It added that the company has also decided to gradually double over the coming years the size of its stainless service operations, which will be renamed ArcelorMittal Istanbulstainless Servie Turkey.
Uginox was formed in 1997 as a joint venture between Arcelor and Primex. While Arcelor had 65 percent stake in theJV, Primex had the rest.
Uginox operates a coil processing and service centre in Gebze, close to Istanbul. Most of its business is dedicated toservicing the fast growing automotive and white goods markets.
In 2007, it processed about 38,000 tons of stainless steel and had revenues of about USD 102 million, the statementsaid.
Commenting on the acquisition of 35 percent stake in Uginox, CEO of ArcelorMittal Stainless, Jean-Yves Gilet said: "This transaction consolidates our position on a fast growing market and allows us to follow our key customers from the appliance and automotive sectors in their own development."
"ArcelorMittal and Primex (Germany) have reached an agreement whereby ArcelorMittal Stainless International is acquiring 35 percent stake in Uginox Sanayi ve Ticaret Limited Sirketi, which was owned by Primex," a statement fromArcelorMittal said.
It added that the company has also decided to gradually double over the coming years the size of its stainless service operations, which will be renamed ArcelorMittal Istanbulstainless Servie Turkey.
Uginox was formed in 1997 as a joint venture between Arcelor and Primex. While Arcelor had 65 percent stake in theJV, Primex had the rest.
Uginox operates a coil processing and service centre in Gebze, close to Istanbul. Most of its business is dedicated toservicing the fast growing automotive and white goods markets.
In 2007, it processed about 38,000 tons of stainless steel and had revenues of about USD 102 million, the statementsaid.
Commenting on the acquisition of 35 percent stake in Uginox, CEO of ArcelorMittal Stainless, Jean-Yves Gilet said: "This transaction consolidates our position on a fast growing market and allows us to follow our key customers from the appliance and automotive sectors in their own development."
