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Arcelor Mittal to sell Stahlwerk Thüringen
Dec 6, 2006
Arcelor Mittal announced the agreed sale of Stahlwerk Thüringen GmbH (SWT) to Grupo Alfonso Gallardo for an Enterprise Value of EUR 591 million, as part of Mittal Steel’s commitments to the European Commission during the recommended merger of Arcelor S.A and Mittal Steel N.V.
SWT, which is a 100% subsidiary of Arcelor Mittal, is located at Unterwellenborn, Thüringen, Germany. In 2005 the company’s turnover was in excess of EUR 400 million. SWT employs close to 700 associates and produces steel sections up to 550mm in width used in building and construction.
Industrial facilities located in Unterwellenborn are based on steel scrap recycling and combine an electric arc furnace, a ladle furnace, a four-strand continuous caster and a section rolling mill. SWT’s annual production capacity is about 1 million tons.
Following Mittal Steel’s bid for Arcelor the European Commission identified competition concerns in relation to heavy sections. In response, the company committed to dispose of three European medium/heavy section mills: Arcelor’s Stahlwerk Thüringen and Travi e Profilati di Pallanzeno (Italy), and Mittal Steel’s section and bar mill Huta Bankowa (Poland). The divestment process forthe two latter assets is well engaged.
Arcelor Mittal CFO, Aditya Mittal, told STEEL GRIPS: “Stahlwerk Thüringen is a high quality facility and I am delighted that this transaction fully values its potential. I am sure that under the leadership of Grupo Alfonso Gallardo it will continue to thrive.”
The closing of the transaction is foreseen to take place in early 2007, subject to European Commission approval and applicable antitrust clearances.
In addition, make sure to read these articles:
Stahlwerk Thueringen, Germany, orders new roughing stand
Arcelor Mittal to sell Stahlwerk Thüringen
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