Arcelor's Bamesa sale raises Turkish stakes in return

Arcelor's Bamesa sale raises Turkish stakes in return

The European Commission requested Arcelor to sell its processing plants at the stage of its formation by merging Aceralia, Usinor and Arbed, aiming to reduce the market share of the merger in Spain and Portugal, places where the company's steel processing centers are located. In line with the commitments given to the Commission, Arcelor has now sold its 49% stake in the Spanish service center group Barcelonesa de Metals SA (Bamesa), previously held by Usinor. According to reports, Turkish group Borusan will buy 35% of these shares while remaining 14% will be acquired by ARMASFI, already holding 51% of Bamesa. Bamesa Celik, Bamesa's service center in Turkey will not be affected from this sale of stakes. The report of the Commission called for Bamesa Celik controlling shares to be sold to Arcelor. Arcelor raised its stakes in Borcelik Celik San. Tic. A.S.(Borcelik)to 22% last year which thereafter announced to raise its annual cold rolled capacity from 350'000 tons to 700'000 tons. Borcelik is a private flat steel producer in Turkey, under the ownership of Borusan Group. Arcelor will continue selling its sales of seven steel processing plants and operations.