ArcelorMittal acquires 70% stake in Brazilian firm

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World's largest steel producer ArcelorMittal on Friday said it has acquired 70 per cent stake in Brazilian steel processor Manchester Tubos e Perfilados SA.

This comes close on the heels of steel magnate L N Mittal-led company acquiring 50 per cent stake in Gonvarri Brasil, a steel service facilities provider for industrial and automotive sectors.

With the acquisition of Manchester and its partnership with Gonvari, ArcelorMittal would widen its product offering in the distribution segment in Brazil, a statement from the global steel player said.

It added that the new acquisition would reinforce company's downstream position in Brazil and help it target the country's construction market as well.

Post-acquisition of the Manchester, ArcelorMittal said it would offer an extended range of flat products, including coils and blanks, profiles, tubes and pipes.

"Penetrating this fast growing market with a diversified offer, from tubes to structural profiles, is considered as a great opportunity for the Group," Michel Wurth, member of ArcelorMittal's Group Management Board and in-charge of Steel Solutions and Services said.