ArcelorMittal Announces Plan to Bid for Remaining Acindar Shares

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Researched by Industrial Info Resources (Sugar Land, Texas)-- ArcelorMittal (NYSE:MT) (Rotterdam, Netherlands), the world's No. 1 steel company, said October 2, 2007, that it will make an offer for the remaining 34.7% of Acindar’s shares it does not already own.

Acindar (Buenos Aires, Argentina), the largest publicly traded steel company in Argentina, has been listed in Buenos Aires Stock exchange since 1984. The significant increase of steel’s international price and the ongoing recovery of Argentina’s economy have enabled Acindar to have an outstanding position in the country’s industrial sector. ArcelorMittal currently controls 65.3% of Acindar shares. The offer to acquire the remaining 34.7 percent of Acindar has been estimated to be $542 million and is intended to be funded entirely with cash. This offer to the minority shareholders of Acindar is to be made by ArcelorMittal’s wholly owned subsidiary ArcelorMittal Spain. ArcelorMittal has announced its commitment to transfer Acindar shares it owns through Arcelor Brazil directly under the corporate structure of ArcelorMittal. Moreover, it has announced its intention to commence the offer before year’s end. Lakshmi Mittal, ArcelorMittal’s President and CEO, said that if the tender offer is accepted, it will help the company strengthen its position in Argentina and help Acindar to become core to ArcelorMittal’s products strategy.

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