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.