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ArcelorMittal Extends Negotiating Period for Port Agreement with Adriana
01/07/2009 - Adriana Resources Inc. and ArcelorMittal have agreed to extend the time to complete the definitive agreement contemplated in their port agreement.
Adriana Resources Inc. and ArcelorMittal have agreed to extend the time to complete the definitive agreement contemplated in the Port Agreement from January 9 to April 22, 2009.
"Adriana continues to focus on obtaining a construction permit to develop a multi-partner, multi-use iron ore port facility in the State of Rio de Janeiro,” stated Michael Beley, President and CEO of Adriana. “The extension of the Port Agreement is positive news for Adriana and also indicates ArcelorMittal's commitment to the project.
"Adriana continues to focus on obtaining a construction permit to develop a multi-partner, multi-use iron ore port facility in the State of Rio de Janeiro,” stated Michael Beley, President and CEO of Adriana. “The extension of the Port Agreement is positive news for Adriana and also indicates ArcelorMittal's commitment to the project.
“Adriana is focused on delivering iron ore to the global steel mills through the anticipated future ownership / control of iron ore resources within Brazil and also with future strategic partnerships with local iron ore producers to ensure a channel to market is developed to allow the independent and family mine operations can recognize global prices," added Beley.
The proposed Port Agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties.
ArcelorMittal is the world's largest steel company, with over 320,000 employees in more than 60 countries. It leads major global steel 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. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognizes that it has a significant responsibility to tackle the global climate change challenge: it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2007 ArcelorMittal had revenues of $105.2 billion USD and crude steel production of 116 million tonnes, representing around 10% of world steel output.
The proposed Port Agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties.
ArcelorMittal is the world's largest steel company, with over 320,000 employees in more than 60 countries. It leads major global steel 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. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognizes that it has a significant responsibility to tackle the global climate change challenge: it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2007 ArcelorMittal had revenues of $105.2 billion USD and crude steel production of 116 million tonnes, representing around 10% of world steel output.
