Steelmaker ArcelorMittal added another purchase to its South American buying spree on Tuesday, acquiring Argentina’s largest steel distributor M T Majdalani y Cia. SA.
It did not say how much it paid for the family-owned company, which sells flat stainless steel products and had a turnover of $46 million last year.
ArcelorMittal, towering over rivals with its control of 10 per cent of world steel output, said Majdalani was highly focused toward its end users and would integrate perfectly within its operations in the region.
The deal will need regulatory approval, ArcelorMittal said.
Demand for steel is growing in Latin America as economies there expand, calling for more steel to construct buildings, machines and cars – just as Europe and North America face weaker growth and tougher competition from Asian imports.
