Global Economy

ArcelorMittal buys Brazilian steel co for $2.2 billion


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

ArcelorMittal, itself created though one of

biggest ever takeovers, has been a compulsive dealmaker under the leadership of billionaire Executive Chairman Lakshmi Mittal. In the past few years, it’s swooped to buy plants from the US to India and Italy.

THE CSP plant was built during the last decade by Vale, but was considered a non-core asset by the world’s second-biggest iron ore producer. For ArcelorMittal, it provides a potential supply of steel slabs that can feed its plants in both North and South America. It can also be expanded to produce low carbon steel.

“In CSP, we are acquiring a modern, efficient, established and profitable business which further enhances our position in Brazil and adds immediate value to ArcelorMittal,” Chief Executive Officer Aditya Mittal said.



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