The world’s largest steel producer, ArcelorMittal, has taken a significant step toward full ownership of Brazilian steel pipe producer Tuper by acquiring the remaining 60% stake in the company. Tuper, which was severely impacted by the economic crisis in Brazil in 2015, established a strategic partnership with ArcelorMittal in 2016, during which ArcelorMittal acquired a 40% stake in the company.
The acquisition has been submitted to Brazil’s Administrative Council for Economic Defense (CADE) for approval, and after the approval process, Tuper will become a fully owned subsidiary of ArcelorMittal. The approval is expected within 60 to 90 days.
ArcelorMittal and Tuper will work together in a coordinated manner to ensure a smooth operational transition for approximately 1,800 employees and to maintain job security.
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