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ArcelorMittal to Expand Distribution Network in United Arab Emirates
07/01/2008 - ArcelorMittal announces plans to acquire controlling interest in DSTC FZCO, located in the Dubai free zone, as part of its effort to expand its distribution network in the Middle East area.
ArcelorMittal has announced its intention to acquire 60% of the entire issued share capital of DSTC FZCO, a newly incorporated company located in the Dubai free zone.
Together with DSTC FZCO, ArcelorMittal is widening its offering in the Middle Eastern area. DSTC FZCO will acquire the main business of Dubai Steel Trading Co. LLC (DSTC LLC), a steel distributor in the United Arab Emirates (UAE).
“This is an important partnership that will spearhead our distribution network in the Middle East Area”, said Philippe Darmayan, CEO of ArcelorMittal Steel Solutions & Services.
According to ArcelorMittal, this new acquisition marks its first step toward creation of a fully-fledged distribution network in the Gulf Cooperation Council (GCC) area for the distribution of long and flat steel products including beams, plates, hollow sections, etc.
ArcelorMittal is the world's largest integrated metals and mining company, with over 310,000 employees in more than 60 countries. The company leads a number of major global markets, with 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.
