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ArcelorMittal Acquires 14.9% Share in Macarthur Coal
05/22/2008 - ArcelorMittal acquires a 14.9% stake (31,611,354 shares) in Macarthur Coal Limited, an Australian producer of low-volatile pulverized coal injection coal.
ArcelorMittal has acquired a 14.9% stake (31,611,354 shares) in Macarthur Coal Limited.
Queensland, Australia based Macarthur Coal produces low volatile (LV) pulverized coal injection (PCI) coal for use in the production of steel as its principal product. In the 2007 financial year, its saleable product totaled 3.6 million tonnes on an attributable basis (73.3%), while resources on a 100% project basis totaled 1,574 million tonnes.
ArcelorMittal’s 14.9% stake in the company includes 9,058,676 shares (4.27%) from Talbot Group Holdings and 22,094,851 (10.4%) from Tinkler Investments. Share purchases were conducted in on-market transactions between April 24, 2008 and May 21, 2008 at an average price of $AUD 19.96. Total consideration for the purchase of the shares amounted to $AUD631 million ($USD 604.8 million).
ArcelorMittal said it will pursue discussions with Macarthur Coal’s Board and Management, and will update the market if there any further developments resulting from these discussions.
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries. The company leads a number of major global markets, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 28 European, Asian, African and American countries exposes the company to key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets.
ArcelorMittal’s key financials for 2007 show revenues of USD 105.2 billion, with a crude steel production of 116 million tonnes, representing around 10% of world steel output.
