Billion-Dollar Sale of Steel Company to ArcelorMittal Approved by CADE

Written by Roberta Souza

Published on 13/01/2023 at 08:09

Updated on 15/01/2023 at 16:49

Foto: Reprodução cspecem

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The Sale of the Pecém Steel Company Was Evaluated at US$ 2.2 Billion and Was Announced on Wednesday, 11

CADE (Administrative Council for Economic Defense), through its General Superintendence, approved the sale of the Pecém Steel Company to ArcelorMittal, for approximately US$ 2.2 billion. The announcement was made on Wednesday, 11.

The released document states that the components related to imports and the Brazilian steel plate market mitigate the possibility of a bad deal on ArcelorMittal’s part.

Furthermore, CADE points out that, although there are steel companies such as CSN and Gerdau, in addition to other companies in the steel sector, steel plates are products that have characteristics that do not prevent their replacement by others from different suppliers than ArcelorMittal.

ARTICLE CONTINUES BELOW

Start of Operations

According to ArcelorMittal, in line with legislation, it will now begin a set period of 15 days, during which a “withdrawal” from the sale of the steel company may occur. Until the end of this period, both steel companies will continue their independent production.

If ArcelorMittal withdraws from the purchase of the steel company within the 15-day period, the operation will continue until completion and will be finalized upon signing the documents. If there is any proposed review, the companies will continue to operate independently until the final decision by the authority.

ABOUT ARCELORMITTAL

ArcelorMittal is a global steel giant, with customers in 160 countries and over 190,000 employees.

It is listed on the stock exchanges of New York, Amsterdam, Paris, Luxembourg, Barcelona, Bilbao, Madrid, and Valencia.

In Brazil, it operates in the production of steel and has an installed capacity of 12.5 million tons per year, with industries in six states and 16,000 employees.

Billion-Dollar Sale of Steel Company to ArcelorMittal Approved by CADE

The Sale of the Pecém Steel Company Was Evaluated at US$ 2.2 Billion and Was Announced on Wednesday, 11

Start of Operations

ABOUT ARCELORMITTAL

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