ArcelorMittal Broadens Strategic Alliance with Nippon Steel
07/13/2007 - ArcelorMittal signs Memorandum of Understanding with Nippon Steel expanding the companies’ global strategic alliance and current joint business ventures in North America.
ArcelorMittal has signed a Memorandum of Understanding with Nippon Steel Corp. expanding the companies’ global strategic alliance and current joint business ventures in North America.
The two companies have worked on redefining their global strategic alliance since ArcelorMittal was formed in July 2006. They have agreed that ArcelorMittal will assume the obligations originally taken on by Arcelor in the initial global strategic alliance between Arcelor and Nippon Steel.
In North America, the two companies are working to further the scope of their current joint business ventures. The companies will continue to discuss potential expansion of the automotive sheet steel business, and will enter into a definitive agreement when a final plan has been developed.
ArcelorMittal is the world's largest steel company, with 320,000 employees in more than 60 countries. The company leads a number of major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the 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 pro-forma financials for 2006 show combined revenues of USD 88.6 billions, with a crude steel production of 118 million tonnes, representing around 10 per cent of world steel output.
