Metinvest BV (Netherlands), controlled by Ukrainian businessman Rinat Akhmetov, and Smart Steel Limited (Cyprus) want to buy ArcelorMittal Tubular Products Iași SA (Romania), owned by ArcelorMittal SA of Luxembourg, and notified the European Commission on October 21.
This is the second acquisition that Rinat Akhmetov wants to make in Romania. The richest Ukrainian also intends to buy Liberty Galați.
According to the document published in the Official Journal of the European Union and consulted by Economica.net, the operation consists of the full acquisition of the shares of AMTP Iași and falls within the category of economic concentrations provided for by Regulation (EC) No. 139/2004 on the control of concentrations between undertakings.
ArcelorMittal Tubular Products Iași’s business is the production of steel tubes, pipes, tubular profiles, and accessories for them, and last year it achieved a turnover of RON 304 million (EUR 60 million), down by half compared to two years ago, when the turnover was RON 660 million (over EUR 130 million).
ArcelorMittal Tubular Products Iasi specialises in the production and supply of small-sized carbon steel welded pipes.
Rinat Akhmetov is the richest man in Ukraine, the founder of System Capital Management (SCM), with activities in metallurgy, energy, mining, oil, gas, telecommunications, and the owner of the FC Shakhtar Donetsk football club.
The billionaire is already active in Romania’s renewable industry.
iulian@romania-insider.com
(Photo source: Karaboux/Dreamstime.com)
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