Arcelor Mittal steps up consolidation drive
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Arcelor Mittal, the world's leading steel maker, signalled its intention to pursue global steel sector consolidation Wednesday, as it annonced plans to acquire a Mexican producer and was reported to be interested in a Russian company as well. Arcelor Mittal, formed five months ago in the merger of Mittal Steel and European producer Arcelor, said it would buy Mexican long steel manufacturer Sicartsa for 1.44 billion dollars (1.1 billion euros). The company also announced the creation of a joint venture with the parent company of Sicartsa, Grupo Villacero, for the distribution and sale of its products in Mexico and the US southwest.
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