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ArcelorMittal enters the Estonian market

Family-owned steel giant ArcelorMittal has acquired a 100% stake in Galvex OÜ, the Estonian privately-owned steel galvanising line located on the Baltic Sea, for an undisclosed sum.

Speaking today, Michel Wurth, member of the group management board of ArcelorMittal, said: "We look forward to bringing our expertise to Galvex OÜ as it joins our Central and Eastern Europe portfolio, which has already proved very successful, accounting for 18% of ArcelorMittal's steel production in 2006."

In 2006 Galvex OÜ produced 190kt of galvanised steel, mainly for the construction sector, with sales totalling €125 million.

Just days before this acquisition, the company shareholders approved the second-stage of the merger of ArcelorMittal into Arcelor with 99.5% voting in favour of the merger.

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