Severstal-Metiz Acquires 50% of TA Rus
Severstal-Metiz Acquires 50% of TA Rus
Phil Matten
Severstal-Metiz Group of Companies acquired ArcelorMittal”s share in the joint venture TrefieldArbed Rus. The Russian fastener company purchase is seen as a logical decision for both corporations.
“We are interested in development of deep processing products with high added value on the key, domestic markets. While the new directors of ArcelorMittal give priority to different markets,” Severstal-Metiz general director Olga Naumova told editor Alexander Ostashov of the Russian fastener magazine, Fasteners, Adhesives, Tools and
The company name will change but previously confirmed development plans and investment programs will not be affected.
It should be noted that ending the joint venture in TA Rus does not mean the end of cooperation between two corporations. “During four years we have realized several successful investment projects galvanized wire, steel fiber Miksarm, special and galvanized nails to the amount over Euro 6 million (U.S.$ 8.9m). We are going to further develop our strategic partnership with ArcelorMittal,” Naumova told Ostashov.
The EBITDA of Severtal-Metiz Group of Companies totaled US$54 million for the first 9 months of 2007, an increase of 15% over 2006.
The Group reported shipments for the period of 796,000 tons, or 2.5 % less than previous year. Revenue, though, reached US$754 million, 25% up on 2006 reflecting the strategy announced early in 2007 to focus on higher added-value product. �2008 FastenerNews.com and Fastener & Fixing Europe
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