Arcelor and Thyssen are to acquire Corus’ internet sales service
According to recent market reports, sale of Corus' internet sales service, formed under the name Steel 24-7 in 2000 in order to enable smaller steel companies to lower their trader costs, to ThyssenKrupp AG of
Germany and Arcelor is approved by the EU anti-competition regulators. Approval is given on the condition that sales of two companies through internet will not surpass 10% of their total sales individually.
ThyssenKrupp and Arcelor, which have equal shares in Steel 24-7, reported that they haven't signed a definite agreement yet, adding that talks over the details of the agreement are still going on.
As reported by SteelOrbis recently, the Anglo-Dutch steelmaker Corus, overlooking its second biggest shareholder's offer, signed a 10 year
iron ore supply agreement with Brazilian Companhia
Vale do Rio Doce SA (CVRD). With this agreement, worth £2 billion ($3.8 billion), Corus secured supply of 40% of its total 25 million ton
iron ore requirement per year.