Arcelor Mittal to open steel tubing mill in Saudi Arabia with Bin Jarallah |
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Thu, 15 Feb 2007 10:48
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PARIS (AFX) - Arcelor Mittal said it has signed a joint venture with the Bin Jarallah group of Saudi Arabia, which will build a new stainless steel tube mill in the country.The tubing mill will have a capacity of 500,000 tons per year, and about two-thirds of its output will be aimed at the oil industry. Construction should be completed in the fourth quarter of 2009.Arcelor Mittal will supply the semi-finished products for the mill, and will hold a 51 pct stake in the new joint venture, with Bin Jarallah holding the remainder.'This project gives us a strategic opportunity to enter the Middle East's, and in particular Saudi Arabia's, thriving markets,' said Sudhir Maheshwari, Arcelor's executive vice president for finance, and merger and acquisitions.Financial terms of the venture were not disclosed.paris@afxnews.comjs/jlcCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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