Arcelor may increase its shares in Acesita

Arcelor may increase its shares in Acesita

Recent market news reports that Luxembourg-based Arcelor may attempt to increase its shares in Brazilian steel firm Acesita by the end of this year. Arcelor currently holds 27.68% stake in Acesita. However, Arcelor's stake in the Brazilian producer is expected to increase to 48.4% by the end of this year. As reported by SteelOrbis back in June, Arcelor signed an agreement with Brazilian iron ore giant Companhia Vale do Rio Doce (CVRD) to increase its shares in Companhia Siderurgica de Tubarao (CST) from 28.02% to 61.77%. It is stated that with these acquisitions, Arcelor expects its existence in carbon steel market to strengthen.