Arcelor completes Huta Lucchini Warszawa acquisition

Arcelor completes Huta Lucchini Warszawa acquisition

A final agreement regarding Arcelor's acquisition of Lucchini's crude steel production asset in Poland as well as Lucchini's Polish scrap companies Silscrap and Crapex was signed on August 31st, 2005, according to a company statement. As previously reported by SteelOrbis, a memorandum of understanding between Arcelor and Lucchini was signed in February, 2005. However, the completion of the agreement was subject to the regulatory authorities. Huta Warszawa will be complementary to Arcelor's long product manufacturing units, such as Schifflange/Rodange (rebars) in Luxembourg, Zumarraga and Veriña (wire rod), and Zaragoza (merchant bars) in Spain. Arcelor officials stated that the acquisition is a part of Arcelor's strategy to expand its business in Eastern Europe.