BRUSSELS, Belgium (AP) — Steelmaker ArcelorMittal said Thursday it would buy a Slovakian plant that supplies ferroalloys to its eastern European mills.
Ferroalloy are alloys of iron rich in elements such as manganese or silicon and is used in the production of steels or alloys as a raw material.
ArcelorMittal did not say how much it would pay for Slovakia OFZ, which makes manganese- and silicon-based alloys and cored wires.
OFZ's plant is close to ArcelorMittal mills that supply the Czech Republic and Poland.
ArcelorMittal Chief Financial Officer Aditya Mittal said the acquisition will help the steelmaker gain a tighter grip on ferroalloys supplies after it struck a deal last month to develop South African manganese resources.
