ArcelorMittal Acquires 28% Equity Interest in China Oriental Group Company Limited.LUXEMBOURG & HONG KONG -- Regulatory News: ArcelorMittal, the world's largest steel company, has announced today it has entered into an agreement to acquire 820,119,151 ordinary shares or an approximate 28% equity interest in China Oriental Group Company Limited (the "Company") from Smart Triumph Corporation and Ms. Chen Ningning for a total consideration of US$ 647m. As a result of the acquisition, ArcelorMittal has become the second largest shareholder of the Company. The Company, which is listed on the Main Board of The Stock Exchange of Hong Kong Stock Exchange of Hong Kong (SEHK) Only stock exchange located in Hong Kong. Limited, manufactures and sells steel products such as billets, strips, H-beams, cold rolled and galvanized gal·va·nize tr.v. gal·va·nized, gal·va·niz·ing, gal·va·niz·es 1. To stimulate or shock with an electric current. 2. strip through its main operating subsidiaries Hebei Jinxi I&S in Hebei and Foshan Jinxi in Guangdong, People's Republic of China. For the year ended 31 December 2006, the group sold approximately 3.75 million tonnes of steel products, and reported revenues of US$ 1,313m and EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become of US$ 225m. For the six month ending in June 2007 the Company reported revenues of US$890m and EBITDA of US$161m. The acquisition enables ArcelorMittal to build on its presence in the important and fast growing steel industry in the People's Republic of China, a country which constitutes a significant part of its corporate strategy. About ArcelorMittal ArcelorMittal is the world's number one steel company, with 320,000 employees in more than 60 countries. The company brings together the world's number one and number two steel companies, Arcelor and Mittal Steel. ArcelorMittal is the leader in all major global markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. An industrial presence in 27 European, Asian, African and American countries exposes the company to all the key steel markets, from emerging to mature, positions it will be looking to develop in the high-growth Chinese and Indian markets. ArcelorMittal key pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma financials for 2006 show combined revenues of USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 88.6 billions, with a crude steel production of 118 million tonnes, representing around 10 per cent of world steel output. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP (1) (Message Transfer Part) See SS7. (2) (Media Transfer Protocol) A Microsoft enhancement to the picture transfer protocol (PTP), starting with Windows Media Player 10 in Windows XP. ), Brussels (MTBL MTBL Mean Time Between Data Loss ), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid (MTS (1) See Microsoft Transaction Server. (2) (Modular TV System) The stereo channel added to the NTSC standard, which includes the SAP audio channel for special use. 1. MTS - Message Transport System. 2. ) and Valencia. |
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