Mittal plans to bid $1 billion for Erdemir

Mittal plans to bid $1 billion for Erdemir

Mittal Steel Company N.V is reportedly planning to bid $1 billion for 49% shares of Eregli Demir Celik Fabrikalari (Erdemir). As previously reported by SteelOrbis, Luxembourg-based steel producer Arcelor, US steel producer United States Steel Corp (US Steel) and most recently Anglo-Dutch steel producer Corus expressed their interests in the privatization of Erdemir, which is the sole flats producer of Turkey. Mittal Steel Company, which has recently signed an agreement to acquire 37.17% stake in Hunan Valin Steel, one of the largest steel producers in China, plans to invest a total of $1.5 billion in Turkey and Eastern Europe. Apart from the planned $1 billion worth bid for Erdemir, the company plans to bid $200 million for Czech steel producer Vitkovice Steel (VS). As reported by SteeOrbis today, nine bidders have expressed interest for VS so far. The remaining $300 million will be spent for Polish steel producer Huta Czestochowa on the condition that Mittal comes as the winner of the tender held for the Polish producer.