ArcelorMittal eyeing Egypt partnership – paper
The tie-up would help Egyptian Iron and Steel raise $2.6 billion.
October 14, 2010 1:04 by Reuters
ArcelorMittal, the world’s No. 1 steelmaker, has approached Egyptian Iron and Steel to forge a partnership, an Egyptian newspaper reported on Thursday, citing a top industry official.
The tie-up would help Egyptian Iron and Steel raise 15 billion Egyptian pounds ($2.6 billion), al-Masry al-Youm reported, citing an unnamed official at Holding Company for Metallurgical Industries, an affiliate of the Egyptian firm.
The talks could lead to ArcelorMittal helping develop Egyptian Iron and Steel through major investments and transfer of technology and equipment to the Egyptian company’s factory, the paper said.
(Reporting by Sarah Mikhail; Editing by Dan Lalor)