Merger Creates Largest Steel Maker
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A three-way merger to make the world’s largest steel maker was clinched when France’s Usinor, Luxembourg’s Arbed and Spain’s Aceralia resolved a last-minute glitch over the division of shares in the combined company, Aceralia said.
The new company--whose formation depends on approval by the three boards and the European Union Commission--will have an annual revenue of $30 billion and the capacity to produce 46 million metric tons of crude steel a year.
The temporary name for the merged firm would be Newco, Aceralia said, but gave no further details.
The agreement was to be voted on by the three companies’ boards, after the European Union Commission in Brussels gave tentative clearance for the deal.
The merged company would be about three times the size of its nearest rivals, Germany’s ThyssenKrupp and the Anglo-Dutch Corus Group.
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