Arcelor considers acquiring further control of Brazils Acesita
According to recent news in the market, CEO of Luxembourg-based Arcelor, Guy Dolle, has recently visited Brazilian steel company Acesita with the aim of acquiring part of the companys pension funds capital. Arcelor, now the worlds second largest steelmaker, already controls 27.68% of Acesita capital and has the option to purchase an additional 20.42% from a local group of seven pension funds until the end of 2005. Brazil National Development Bank (BNDES) holds a 17.34% stake in Acesita while the remaining 34.56% is traded on the stock market. Acesita, based in Belo Horizonte, produces specialty steel, including stainless steel.