Arcelor Mittal plans acquisitions

Market sources report that Arcelor Mittal should be fully integrated by the end of next year and will continue to keep its eyes open for new acquisitions. Chief Executive Mr Roland Junck said, "We will expand further. As already said it is not that we will wait until the integration has been completed and the debts are erased." Mr. Junck also said that the first phase of integrating the two companies would last six months. The integration is expected to be completed in a year and a half. Mr. Junck also confirmed that Arcelor Mittal will be based in Luxembourg. As previously reported by SteelOrbis, Luxembourg-based steelmaker Arcelor agreed to merge with Mittal in late June. Mittal now owns approximately 94 percent of Arcelor.