ArcelorMittal to Acquire Mid Vol Coal Group, Double Capacity
06/24/2008 - ArcelorMittal signs agreement to acquire the Mid Vol Coal Group, announcing its intention to double production levels in the short to medium term.
ArcelorMittal has signed an agreement to acquire the Mid Vol Coal Group.
Located in southern West Virginia and southwestern Virginia in the Central Appalachian Coal Basin, Mid Vol, produced 1.5 million tons of metallurgical coking coal in 2007. It has estimated recoverable saleable reserves and resources in excess of 85 million tons.
“This acquisition further increases our upstream self sufficiency in a primary raw material during a time when metallurgical coking coal demand on a global scale remains strong,” said Aditya Mittal, Chief Financial Officer and member of ArcelorMittal’s Group Management Board. “ArcelorMittal is currently the largest customer of Mid Vol and the quality of the coal produced meets that demanded by our coke-making facilities.
“It is our intention to double the production level at Mid Vol in the short to medium term and permits have recently been granted to the operation which will facilitate this,” added Mittal.
ArcelorMittal is the world's largest integrated metals and mining company, with over 310,000 employees in more than 60 countries. The company leads major global markets, and holds leading R&D and technology, as well as sizeable captive supplies of raw materials and strong distribution networks. An industrial presence in over 20 countries across 4 continents exposes the company to key steel markets, from emerging to mature.
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.
