ArcelorMittal plans to take 51 percent stake in Rozak of Turkey

LUXEMBOURG - ArcelorMittal, the world's largest steel group, said Monday it was seeking a 51 percent stake in Turkish steelmaker Rozak.
ArcelorMittal did not disclose the cost of the proposed acquisition, which must now be approved by regulatory authorities.
"This acquistion is an important step for ArcelorMittal to meet the strong Turkish demand in all products," said Gonzalo Urquijo, a member of ArcelorMittal's management board.
"Turkey is one of the fastest growing steel markets," he added, noting that the construction sector has a growth rate exceeding 10 percent.
Rozak, which operates five sites in Turkey, shipped 450,000 tons of steel last year and had sales of 260 million euros (359 million dollars).
nh/smc

09/10/2007 12:47 GMT