A PYMNTS Company

Brazil: Arcelor Mittal & Votorantim merge Brazilian assets

By  |  February 28, 2017

The Brazilian branch of global steel giant Arcelor Mittal has announced it will look to merge its assets with local heavyweight Votorantim Siderurgia, creating a new company with a joint capacity of over 5.6 million tonnes of steel production.

The merger would see Votorantim becoming a subsidiary of Arcelor Mittal Brasil, while in turn receiving a minority share in the local branch of the world’s leading steelmaker. The agreement does not include any of Votorantim’s operations in Argentina or Colombia.

Arcelor and Votorantim will continue to operate independently until the merger is completed, pending the approval of sector regulators and competition regulator CADE. Arcelor Mittal has operations in over 60 countries, being the leading global supplier of steel for the international automobile, construction and consumer goods markets.

Full Content:El Diario

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.