BRUSSELS, Belgium (AP) - ArcelorMittal, the world's largest steel company, said Friday it agreed to buy two steel tube businesses from Vallourec SA as it expands in the auto industry.
Financial details of the transaction were not disclosed.
Vallourec Precision Soudage produces about 100,000 metric tons (110,230 tons) of welded steel tubes for the auto industry from two sites in France. Also based in France, Vallourec Composants Automobiles Vitry specializes in the design and manufacturing of tubular components for the auto industry.
Combining them with ArcelorMittal's existing pipes and tubes business, will allow the company to offer a larger range of products to its automotive customers, the company said.
The acquisition will ''strengthen our automotive products portfolio,'' said Malay Mukherjee, a member of ArcelorMittal's management board
ArcelorMittal—currently being formed as Mittal Steel Co. NV takes over Arcelor SA—controls about 10 percent of global steel production.
