Arcelor Mittal and Noble Join Laser Welding Forces
Arcelor Mittal and Noble International Ltd. of Warren, Mich., have agreed to combine their laser-welded tailored blank businesses to strengthen their positions in the global automotive industry.
In October 2006, Noble and Arcelor SA of Luxembourg signed a binding letter of intent to go forward with the arrangement. Upon completion of the transaction, which is slated for March, Arcelor Mittal is expected to receive approximately $300 million combined cash and shares of Noble common stock, making it the US company’s largest stockholder.
The Arcelor Mittal company will be incorporated in 2007, bringing together the steel companies, Arcelor and Mittal Steel, which have operations in London and Rotterdam, the Netherlands.
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