ArcelorMittal has completed the acquisition of a controlling stake at Bekaert’s tire cord plant in the city of Sumare, in the state of Sao Paulo, the steelmaker said on Thursday.
The deal, announced in April this year, was closed yesterday. As a result, ArcelorMittal now owns a 55.5 percent stake at the plant, while Bekaert owns the remaining 44.5 percent stake. Additionally, the plant will now be called ArcelorMittal Bekaert Sumare Ltda.
With the move, ArcelorMittal is aiming to strengthen its reach in Brazil within the steel cord and bead wires segments, whose products are used for the manufacturing of car and truck tires.