Luxembourg, 21 July 2008 - ArcelorMittal, the world's largest integrated metals and mining company, today announces that it has signed an agreement to acquire the Concept Group ("Concept").
Concept, located in southern West Virginia and adjacent to the recently acquired Mid Vol Coal Group in the Central Appalachian Coal Basin, produced 0.8 million tons of metallurgical coking coal in 2007 and has control over recoverable saleable reserves and resources in excess of 57 million tons.
Commenting, Sudhir Maheshwari, Member of ArcelorMittal's Group Management Board with responsibility for M&A, Project and Business Development, said:
"With raw material costs continuing to soar, increasing our upstream self sufficiency in primary raw materials is a critical component of ArcelorMittal's growth strategy. Concept's proximity to Mid Vol's operations means we can draw on the strengths of both companies to increase their combined production capacity. Whilst Mid Vol's expertise is in surface mining techniques, Concept's expertise rests with underground mining methods. However, both operations have the potential to combine both practices. We look forward to integrating Concept's operations into the ArcelorMittal group."
Note to Editors
The reserve and resource figure is presented as per the Marshall Miller report commissioned by Concept using methodology outlined in United States Geological Survey (USGS) Circular 891 and United States Securities and Esxchange Commission (SEC) Industry Guide 7
Concept, located in southern West Virginia and adjacent to the recently acquired Mid Vol Coal Group in the Central Appalachian Coal Basin, produced 0.8 million tons of metallurgical coking coal in 2007 and has control over recoverable saleable reserves and resources in excess of 57 million tons.
Commenting, Sudhir Maheshwari, Member of ArcelorMittal's Group Management Board with responsibility for M&A, Project and Business Development, said:
"With raw material costs continuing to soar, increasing our upstream self sufficiency in primary raw materials is a critical component of ArcelorMittal's growth strategy. Concept's proximity to Mid Vol's operations means we can draw on the strengths of both companies to increase their combined production capacity. Whilst Mid Vol's expertise is in surface mining techniques, Concept's expertise rests with underground mining methods. However, both operations have the potential to combine both practices. We look forward to integrating Concept's operations into the ArcelorMittal group."
Note to Editors
The reserve and resource figure is presented as per the Marshall Miller report commissioned by Concept using methodology outlined in United States Geological Survey (USGS) Circular 891 and United States Securities and Esxchange Commission (SEC) Industry Guide 7
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