BRUSSELS, Belgium (AP) — ArcelorMittal, the world's largest steelmaker, said Friday it intends to buy a 70 percent stake in Carminati Distribuzione Srl, one of the largest steelmakers in northern Italy.
The transaction has been approved by the competition authorities.
No financial details were provided.
ArcelorMittal already operates in Italy with two distribution companies in Udine and Bologna.
Carminati Distribuzione Srl, founded in 1960 and until now entirely owned by the Carminati family, sold over 75,000 metric tons (82,700 U.S. tons) in 2006 with a turnover of euro50 million (US$71.4 million). It specializes in finished long products with cutting, drilling and flame-cutting activities, for beams and angles.
ArcelorMittal operates as one company even though Mittal Steel Co. NV still must formally wrap up its takeover of Arcelor SA.