Three European companies to form world's biggest steelmaker
Three European steelmakers today announced plans to merge into the world’s largest with production of 46 million tons per year.
France’s Usinor, Luxembourg’s Arbed and the Spanish Aceralia Corporacion Siderurgica said the merger would be completed by the autumn.
The new group is to be set up in Luxembourg, which will make an offer for the shares of each of the three companies.
Usinor is to hold 56.5% of the new group, Arbed will hold 23.4%, and Aceralia will hold 20.1%.
The companies said they expect to gradually shift production to their most efficient plants. This restructuring is expected to result in £220m in investment savings over the period 2002-2005, the companies said.
