Arcelor and Thyssen are to acquire Corus' internet sales service

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.