The world's largest steel company ArcelorMittal has announced the signing of a share purchase agreement to acquire 100 percent of the shares of the Austrian steel distribution company Eisen Wagner GmbH. The acquisition in question aims to further enhance ArcelorMittal's presence in Central Europe and is subject to the approval of the competition authorities.
Eisen Wagner is one of the leading steel distribution companies in Austria. In 2007, the company sold 140,000 mt of steel products, processing 60,000 mt of this amount.
Commenting on the transaction, Gonzalo Urquijo, member of ArcelorMittal's Group Management Board and in charge of its Steel Solutions and Services division, said, "This acquisition enables us to set foot in the very competitive and dynamic Austrian steel distribution market."