ArcelorMittal: Stainless Steel Sector Needs Consolidation
28 Luglio 2010 - 9:43AM
Dow Jones News
The stainless steel sector in Europe needs to consolidate to
help reduce overcapacity, largest steelmaker ArcelorMittal (MT)
said Wednesday.
The company said it's considering a spin-off of its stainless
steel division.
"It needs consolidation because we have a situation of
overcapacity in Europe," said chief financial officer Aditya
Mittal. He declined to comment on whether a spin-off could be a
vehicle for such consolidation.
"We have not been successful in consolidation in the past,"
Mittal said, adding that a spin-off will thus help the company
focus on products for the stainless steel sector and "maximizing
value."
The spin-off could happen as early as next year, Mittal
said.
-By Devon Maylie; Dow Jones Newswires; (4420) 7842 9483;
devon.maylie@dowjones.com
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