ArcelorMittal Acquires Ottawa-Based Scrap Recycler
06/10/2008 - ArcelorMittal signs agreement to acquire leading scrap metal recycler Bakermet to develop upstream self sufficiency in shredded metal for its Contrecoeur mill.
ArcelorMittal has signed an agreement to acquire Bakermet, a market leader in the scrap metal recycling industry in Eastern Ontario, Canada.
ArcelorMittal said it will use the plant to secure upstream self sufficiency in shredded metal for ArcelorMittal Montreal, the company's Contrecoeur mill.
“This acquisition further strengthens our access to and ownership of key raw material supplies,” commented Jos Jacqué, CEO of ArcelorMittal Long Carbon North America. “Further, we are delighted that Bakermet's existing management, have committed to stay with the business and bring a wealth of experience to the ArcelorMittal group. We are excited by this opportunity and look forward to integrating the Bakermet operations into the ArcelorMittal group.”
Located near Ottawa and specializing in all types of ferrous and non-ferrous metal, Bakermet processed approximately 130,000 tons of ferrous and 40 million pounds of non-ferrous metals in 2007.
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 and boasts leading R&D and technology, as well as sizeable captive supplies of raw materials and solid 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.
