Arcelor acquires controlling stake in Acesita

Arcelor acquires controlling stake in Acesita

Luxembourg-based steel giant Arcelor announced yesterday that it agreed with the Brazilian pension fund Fundação Sistel de Seguridade Social ("Sistel") to acquire the 12 percent of the voting capital of Acesita held by Sistel. The acquisition of the voting capital will make Arcelor the controlling shareholder of Acesita, holding 76 percent of the common (voting) shares of Acesita, and 40 percent of the total capital of that company. As previously reported by SteelOrbis, Arcelor, on October 6, 2005, signed an agreement with Previ and Petros, two other Brazilian pension funds, to acquire common shares representing 25 percent of the Brazilian stainless steel producer's voting capital and 8 percent of its total capital. The move is part of Arcelor's strategy to consolidate its Brazilian assets into one company, which will be called Arcelor Brazil. The completion of the acquisition is subject to the approval of certain authorities.