Arcelor expands its operations in various fields

Arcelor expands its operations in various fields

One of the world's biggest steel producers Arcelor announced that it's long products subsidiary had completed the purchase of 100% stake at the Italian rolling mill, Pallanzeno. Furthermore, the company bought 49.9% stake at San Zeno meltshop, which is owned by Duferdofin, the wholly owned subsidiary of Swiss steel maker and trading house Duferco. Pallanzeno produces light and medium steel sections, while San Zeno supplies blooms to Pallanzeno. Furthermore, Arcelor has plans to expand the capacity at its Korean drawing plant Qingdao by 2005. By then, the Qingdao plant will be producing to 30'000 tons of steel cord per year. The plant, established through a joint venture with the Korean group Kiswire a year ago, currently produces 6'000 tons of steel cord annually.