Provider: New Constructs, LLC
NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
Arcelormittal Recalibrates Agreement With Hunan Valin Steel To Increase Exposure To Fast Growing Automotive Market
ArcelorMittal and the Valin Group announced that ArcelorMittal will increase its shareholding in the downstream automotive steel joint venture, VAMA (Valin ArcelorMittal Automotive), from 33% to 49%. VAMA is focused on establishing itself as a supplier of high-strength steels and value-added products for China’s fast growing automotive market. In-line with the new shareholding agreement, Valin and ArcelorMittal will increase their planned capacity by 25% from 1.2 million tons to 1.5 million tons. Capital investment will also increase by 15% to RMB5.2 billion and VAMA has signed purchase agreements totalling RMB1.8 billion for key equipment including cold rolling facilities, continuous annealing and galvanizing lines. The joint venture is expected to become operational in the first half of 2014.
Latest Developments for ArcelorMittal SA
Latest Key Developments in Steel
- Mount Gibson Iron Limited completes acquisition of Shine Hematite Project from Gindalbie Metals Ltd
- Nippon Yakin kogyo Co Ltd to sell stake in subsidiary
- Nippon Yakin kogyo Co Ltd raises consolidated full-year outlook for FY 2014
- Pangang Group Vanadium Titanium & Resources Co., Ltd announces changes in shareholding structure
- Share this
- Digg this