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03 December 2007

ArcelorMittal agrees sale of Russian stake

ArcelorMittal, the world's largest steelmaker, and Russia's Severstal-metiz said on Monday they had agreed the sale of ArcelorMittal Wire Solutions' 50-percent stake in steelcord producer TrefilArbed Rus to Severstal-metiz.

A joint venture was established in 2005 when ArcelorMittal Wire Solutions joined Severstal-metiz to develop TrefilArbed Rus on the Russian steelcord market, giving their joint venture access to specific technologies of ArcelorMittal Wire Solutions.

No financial details of the deal were given, beyond saying that TrefilArbed Rus's revenues were about $31 million in 2006.

Reuters

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