ArcelorMittal to Acquire Koppers’ Monessen Coke Plant
08/05/2008 - ArcelorMittal signs agreement to acquire the Koppers’ Monessen Coke Plant from Koppers for $US 160 million.
ArcelorMittal has signed an agreement to acquire the Koppers’ Monessen Coke Plant from Koppers Inc. for $US 160 million.
“This acquisition is an important step toward increasing our upstream self sufficiency in metallurgical coke production during a time when metallurgical coke demand on a global scale remains strong,” said Sudhir Maheshwari, Member of ArcelorMittal's Group Management Board with responsibility for M&A, Project and Business Development, commenting on the acquisition. “ArcelorMittal currently purchases all of the coke produced by the Koppers’ Monessen Coke Plant”
Located in Monessen, Pa., Koppers’ Monessen Coke Plant produced 320,000 tonnes of metallurgical coke in 2007. Originally built in 1941-1942 by Pittsburgh Steel Co., the coke plant at Monessen currently consists of two coke batteries, housing 56 coke ovens with an annual production capacity of 327,000 tonnes of metallurgical coke.
The transaction is subject to receipt of relevant regulatory approvals.
ArcelorMittal is the world's leading steel company, with over 320,000 employees in more than 60 countries. The company leads a number of 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. The company also 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 combating climate change.
In 2007, ArcelorMittal had revenues of USD 105.2 billion and crude steel production of 116 million tonnes, representing around 10% of world steel output.
