Steel giant extends Brazil investment
Steel giant ArcelorMittal has acquired a 70 per cent stake in Brazilian processor and distributor Manchester Tubos e Perfilados.
The deal with the Minas Gerais-based company follows the acquisition in April of a 50 per cent share of Gonvarri Brazil, a move which may interest those buying property in Brazil as it hints at economic buoyancy in the country.
ArcelorMittal will now be able to widen its product offering and will target the construction sector with its extended range of coils, blanks, profiles, tubes and pipes, the company said in a statement.
"Penetrating this fast-growing market with a diversified offer, from tubes to structural profiles, is considered as a great opportunity for the group," remarked Michel Wurth, who is in charge of steel solutions and services at ArcelorMittal and a member of its management board.
With over 310,000 employees in more than 60 countries, ArcelorMittal had revenues of $105.2 billion (£52.80 billion) in 2007.
Those looking at property for sale in Brazil may also be interested in news that one of the country’s paper and pulp firms is to invest $4.8 billion during the next seven years to double its production capacity.
