LUXEMBOURG (AP) — The steelmaker ArcelorMittal said Monday it plans to buy a controlling 51 percent stake in Turkish steel company Rozak AS for an undisclosed sum.
ArcelorMittal is already the major supplier to Rozak, which posted revenue of 260 million euros ($358 million) in 2006 and shipped 450,000 tons of steel.
Luxembourg-based ArcelorMittal is already active in Turkey in flat carbon steel production, and hopes the deal will help it meet rising demand in the Mediterranean country.
The transaction is subject to approval from regulators and is expected to be completed by the end of the year.
Shares in ArcelorMittal fell 2.95 percent to 45.13 euros ($62.16) on Monday in Amsterdam.
ArcelorMittal is being formed from Mittal Steel Co. NV's $41 billion takeover of rival Arcelor SA, although the two are already operating as one company that controls some 10 percent of world steel output.
The company has said it will give details on how it plans to move on with the final stages of the deal before the end of September — allowing the company be formed by the end of the year.
