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04 December 2007

ArcelorMittal sells out of Russian wire joint venture

ArcelorMittal (AM) has agreed on the sale of its 50% stake in Russian steel cord producer TrefilArbed Rus to Severstal-metiz, its joint venture partner in the company. The value of the transaction was not disclosed. In a joint statement sent to Steel Business Briefing, AM and Severstal-metiz said that the agreement will allow both companies to focus on their current respective wire strategies. Severstal-metiz aims to develop high value-added products for key Russian and CIS domestic markets and ArcelorMittal Wire’s main geographical growth area in steel cord is Asia.

TefilArbed Rus is located at Severstal-metiz’s Orel site and will change its name to Orelcord following the sale. The joint venture was set up in 2005 and the company’s revenues totalled 842.5m roubles ($31m) in 2006.

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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... more... 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... more... 13 November 2007 Severstal to Buy Out ArcelorMittal in Venture, Interfax Says OAO Severstal plans to buy the 50 percent it doesn't already own in a metal cord venture with ArcelorMittal,... more...

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