The world's number one steelmaker ArcelorMittal has announced the acquisition of Uruguay-based stainless steel tube producer, Cínter S.A.
In a statement on the issue, ArcelorMittal said that the acquisition in question forms a part of ArcelorMittal's strategy to strengthen its stainless steel business in South America.
Cinter S.A. operates three production sites located in Montevideo and enjoys a strong position in South America's stainless steel tubes market, having generated net sales worth $47 million for the fiscal year ended, September 2007.
The transaction is being reviewed by the competition authorities.