ArcelorMittal buys out scrap metal firm Rolanfer

Mumbai: Steel giant ArcelorMittal has acquired the outstanding 60 per cent shares in Rolanfer Recyclage SA (Rolanfer), taking full control of the French company.

Rolanfer, based in Yutz, specialises in the processing and recycling of scrap metal products, including incinerated scrap, shredded scrap, and demolition scrap, and operates a shredder at the port of Illange, on the border with Luxembourg.

Rolanfer produces mostly for ArcelorMittal sites in Luxembourg and the acquisition will assist in securing the supply of scrap metal to ArcelorMittal operations in the region.

Rolanfer reported gross turnover of euro13 million ($20.6 million at current rates) In 2007 and supplied nearly 86,000 tonnes of scrap metal in the year. The firm employs around 24.

ArcelorMittal is the world's largest integrated metals and mining company, with over 310,000 employees in more than 60 countries.

ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks.

ArcelorMittal reported revenues of $105.2 billion, with a crude steel production of 116 million tonnes, representing around 10 per cent of world steel output in 2007.

ArcelorMittal is listed on the stock exchanges of New York, Amsterdam, Paris, Brussels, Luxembourg and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia.