Mittal Acquires 51 per cent of Rozak
ArcelorMittal, the largest producer of steel in the world has announced that its acquisition of 51 per cent of Rozak, the Turkish construction steel producer. The company aims to double sales and expand to countries near the Mediterranean and Caspian Sea.
The deal follows the announcement of ArcelorMittal in October that it will build a $500 million new hot strip mill in Gemlik, northwestern Turkey with Borusan Holding, Turkey's leading steel producer.
Currently Mittal has 320,000 employees in more than 60 countries, with an industrial presence in 27 countries. It recorded a total income of $88.6 billion in 2006 with raw steel production of 118 million tonnes, which equates to approximately 10 per cent of all steel production in the world.
Turkey Property News