Mittal Aim Majority Share

Mittal Aim Majority Share

Arcelor-Mittal, the biggest global steel producer, aimed to control majority share in joint venture company that would be set up with PT Krakatau Steel (KS) and PT Aneka Tambang (Antam) Tbk.

The wish expressed in official letter to Ministry of Industry Fahmi Idris, signed by Lakshmi Mittal Chief Executive Officer Arcelor-Mittal on April 17, 2008.

In the letter, Lakshmi offer three corporate action. First, Mittal wish to be strategic investor with buy KS share thrugh strategic sale scheme. by this scheme Mittal promise to enhance technology and modernising KS plant like had done in India, Saudi Arabia, Nigeria, Turkey, Russia and Mozambique.

Second, to set up joint venture with KS to develop integrated greenfield steel complex in Cilegon with opening capacity 2,5 million ton, and Mittal as majority shareholder.

Third, Set up joint venture company with Antam to explore coal, iron ore, nickel, manganin and others mineral. also in this company, Mittal wish to controll majority of share.

Total investment for those three initiative will reach USD 5 billion-USD 10 billion.

Lakshmi hope that in next 2-3 week there will be a response from KS management especially on offer to acquire KS share through strategic sale scheme.

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