Luxembourg, Jun 30 (UNI) ArcelorMittal, the world's biggest steelmaker, today said it plans to buy 60 per cent of the entire issued share capital of DSTC FZCO, a newly-formed company in the Dubai Free Zone.
''This is an important partnership that will spearhead our distribution network in the West Asian Area,'' ArcelorMittal Steel Solutions&Services CEO Philippe Darmayan said.
ArcelorMittal, with over 310,000 employees in more than 60 countries, is widening its offering in the West Asian area along with DSTC FZCO, .
DSTC FZCO will acquire the main business of a steel distributor in the UAE's Dubai Steel Trading Company LLC (DSTC LLC).
According to a company statement, this new acquisition is the first step towards the creation of a full-fledged distribution network in the Gulf Cooperation Council (GCC) area for the distribution of long and flat steel products such as beams, plates, hollow sections.
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