As part of its commitments to the European Commission during the merger, Arcelor Mittal has announced today the agreed sale of Stahlwerk Thüringen GmbH (SWT) to Grupo Alfonso Gallardo for 591 million euros (approx. U.S. $787 million). SWT, which is a subsidiary of Arcelor Mittal, is located at Unterwellenborn, Thüringen, Germany.
Following Mittal Steel’s bid for Arcelor the European Commission identified competition concerns in relation to heavy sections. In response, the company committed to dispose of three European medium/heavy section mills: Arcelor’s Stahlwerk Thüringen and Travi e Profilati di Pallanzeno (Italy), and Mittal Steel’s section and bar mill Huta Bankowa (Poland). The divestment process for the two latter assets is well engaged.
Arcelor Mittal 2007 EBITDA forecast:
Arcelor Mittal announced it has finalized its budget review for 2007. Based on a solid steel market environment, EBITDA is expected to be higher in 2007 than in 2006.
Arcelor Mittal expects 2006 pro-forma EBITDA to be between $15.2 billion and $15.4 billion.
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