Arcelor plans to acquire steel mills in India and Russia

Arcelor plans to acquire steel mills in India and Russia

According to statement released by Luxembourg based steel producer Arcelor, the company plans to acquire steel mills in India and Russia after completing the takeover of Companhia Siderurgica de Tubarao (CST) located in Brazil. As previously reported by SteelOrbis, Arcelor made a deal 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% for $578.5 million. Arcelor currently sells 75% of its total products in Europe however Arcelor CEO stated that the company aims to sell 50% of its products outside of Europe in the next ten years. Moreover, it is stated that Arcelor plans to increase its investments in Brazil and China.