ArcelorMittal has announced the proposed acquisition of 51 percent of shares in Rozak Demir-Profil Ticaret & Sanayi A.S. (Rozak), the main Turkish steel stockholding company.
The transaction will be subject to the approval of the antitrust authorities and is expected to be finalized by the end of 2007.
In answer to a query from SteelOrbis, Rozak stated that they would be announcing further information in the upcoming days about the stake acquisition by ArcelorMittal.
Gonzalo Urquijo, member of the Group Management Board of ArcelorMittal and in charge of Steel Solutions & Services said, "This acquisition is an important step for ArcelorMittal to meet the strong Turkish demand in all products. Turkey is one of the fastest growing steel markets. The construction sector is very dynamic, with a growth rate above 10 percent. The acquisition of this stake in Rozak will allow our steel distribution business in this country to reach its capacity target in 2010."