Arcelor participated in the auction for the sale of the 46.12%
stake held by the Turkish Privatisation Administration in Turkish steelmaker Eregli Demir ve Çelik Fabrikalari T.A.Ş. (“Erdemir”) (), the holding company of the Erdemir Group. Arcelor was attracted by the quality of the Erdemir Group assets and the prospects of the Turkish market.

Arcelor has undertaken a detailed analysis of the business plan and potential synergies. The final auction value exceeded the price at which Arcelor believes that the transaction would have created an appropriate level of value for shareholders.

Arcelor CEO Guy Dollé said: “We want to develop our business in Turkey and we have made an offer that would have created the right level of value for our investors and provided a sustainable future for Erdemir Group. This outcome does not change our commitment to the Turkish market where we have been active for more than 15 years. Together with our local partners , we will boost the growth of our Turkish operations.”

On Arcelor’s growth strategy, he added: “We will continue to actively evaluate competitive growth opportunities around the globe, including Turkey.”

Arcelor is a leading player of the global steel industry. With a turnover of 30 billion euros in 2004, the company holds leading positions in its main markets: automotive, construction, household appliances and packaging as
well as general industry. The company - number one steel producer in Europe and Latin America - ambitions to further expand internationally in order to capture the growth potential of developing economies and offer technologically advanced steel solutions to its global customers. Arcelor employs 95,000 associates in over 60 countries. The company places its commitment to sustainable development at the heart of its strategy and ambitions to be a benchmark for economic performance, labour relations and social responsibility.