The world's number one steel company ArcelorMittal has announced the acquisition of a 100 percent stake in Galvex OU, a privately-owned steel galvanizing and processing facility located in Tallin, Estonia. The acquisition in question is subject to regulatory clearances and approvals.
Commenting on the acquisition, Michel Wurth, member of the group management board of ArcelorMittal said, "’We look forward to bringing our expertise to Galvex OU as it joins our Central and Eastern Europe portfolio which has already proved very successful, accounting for 18 percent of ArcelorMittal's steel production in 2006."
In 2006, Galvex OU produced 190,000 tons of hot dip galvanized steel, mainly for the construction sector, while generating sales worth €125 million.