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03 December 2007

ArcelorMittal has sold its fifty percent stake in its Russian TrefilArbed steel cord joint venture with Severstal Metiz

ArcelorMittal has sold its fifty percent stake in its Russian TrefilArbed steel cord joint venture with Severstal Metiz, the world's largest steelmaker said in a statement on Monday.

TrefilArbed was first formed in 2005 and was designed to couple SeverstalMetiz's expertise in Russian business with ArcelorMittal technology.

Its name will be changed to Orelcord following the sale.

The plant is located at Severstal-Metiz's Orel site in Russia and generated around $31 million of revenue in 2006, according to the statement.

Neither company was available to comment.

Metal Bulletin

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