ArcelorMittal Bags Stake in Brazilian Steel Processor

Luxembourg-based steelmaker ArcelorMittal has acquired a 70% share in Brazilian steel processor Manchester Tubos e Perfilados. The acquisition will reinforce ArcelorMittal’s downstream position in Brazil, following the April acquisition of a 50% stake in Brazilian steel processor Gonvarri Brasi, Arcelor adds. Terms of the transaction were not disclosed. Manchester was founded in 1989 and serves the construction sector, which represents 50% of its activity, as well as the industry and automotive segments. Its capacity is 240,000 tons per year for end products, and 60,000 tons per year for processed products. Net sales were BRL270m in 2007, Arcelor says.