Arcelor Acquires 100% Stake in Bremen Subsidiary.LUXEMBOURG -- Arcelor announced today that it has agreed with BIG (Bremer Investitions-Gesellschaft), the minority shareholder of its subsidiary Stahlwerke Bremen (SWB SWB Stadtwerke Bonn SWB Scranton Wilkes-Barre (Pennsylvania region) SWB Short Wheel Base SWB Southwestern Bell SWB Subjective Well-Being (psychology) SWB Switchboard SWB Social Well-Being ), on the acquisition by Arcelor of the 30.3% stake that BIG holds in SWB. After completion, which is foreseen by the end of 2004, Arcelor will hold, through wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , 100% of SWB. With the conclusion of this agreement, the put and call option between the two companies regarding a 6.3% stake in SWB, expiring on December 31st, 2004, becomes void. Stahlwerke Bremen, located in Bremen (Northern Germany Northern Germany is the geographic area in the north of Germany. The native German concept of northern Germany is called Norddeutschland. Northern German States Norddeutschland is the geographic area of five German states:
n. The rolling of steel or other metal at room temperature to preserve its original crystal structure. mill, two galvanizing galvanizing, process of coating a metal, usually iron or steel, with a protective covering of zinc. Galvanized iron is prepared either by dipping iron, from which rust has been removed by the action of sulfuric acid, into molten zinc so that a thin layer of the zinc lines and a tailor welded blank production facility. In 2003, SWB produced approximately 3.5 million tons of steel, mainly for the automotive sector, manufacturers of electrical appliances as well as for the construction sector. Arcelor is a leading force in the transformation of the global steel industry. With a turnover of 25.9 billion euros and shipments of 40.2 million tonnes of steel in 2003, the company is a major player in all its main markets: automotive, construction, household appliances and packaging as well as general industry. Arcelor employed 98,000 employees at the end of 2003 in over 60 countries. The company places its commitment to sustainable development Sustainable development is a socio-ecological process characterized by the fulfilment of human needs while maintaining the quality of the natural environment indefinitely. The linkage between environment and development was globally recognized in 1980, when the International Union at the heart of its strategy and ambitions to become a benchmark for economic performance, labour relations and social responsibility in the world of steel. |
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