Bekaert and ArcelorMittal extend their partnership in Brazil
In line with the shareholding structure of the BMB joint venture, ArcelorMittal will be the majority shareholder (55.5%) of the steel cord entity in Sumaré and Bekaert will hold the remaining shares (44.5%).
The transaction is subject to customary closing conditions and is expected to be completed in the second quarter of 2017.
Both partners aim at a smooth transition process to ensure continued excellent supply and service to the customers.
Bekaert will, upon deal closing, no longer report the results of the Sumaré plant in its consolidated statements but represent its share in the result of joint ventures.
The foregoing release may contain forward-looking statements regarding the impact of the transaction on the financial statements of Bekaert. Such statements reflect the current views of management regarding future events, and involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Bekaert is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. Bekaert disclaims any liability for statements made or published by third parties and does not undertake any obligation to correct inaccurate data, information, conclusions or opinions published by third parties in relation to this or any other press release issued by Bekaert.
Bekaert Advanced Coatings NV
Bekaert (www.bekaert.com) is a world market and technology leader in steel wire transformation and coating technologies. We pursue to be the preferred supplier for our steel wire products and solutions by continuously delivering superior value to our customers worldwide. Bekaert (Euronext Brussels: BEKB) is a global company with almost 30 000 employees worldwide, headquarters in Belgium and € 4.4 billion in annual revenue.
Bekaert-ArcelorMittal joint ventures in Brazil:
Bekaert and ArcelorMittal currently operate 8 plants in Brazil through joint venture partnerships in which ArcelorMittal holds a majority share: Belgo Bekaert Arames Ltda (45/55%) includes steel wire product facilities in Contagem, Osasco, Sabará, Hortolândia and Feira de Santana. Belgo Minera Bekaert Artefatos de Arame Ltda (44.5/55.5%) includes the steel cord manufacturing plants of Itaúna and Vespasiano.