ArcelorMittal has received anti-trust approval from the European Commission with respect to the formation of a joint venture (JV), STEELCAME, with the Cellino Group.
The formation of STEELCAME, in which ArcelorMittal will hold a 35% shareholding, with the Cellino Group holding the remaining 65% concludes ArcelorMittal’s search for a strategic partner for its SoluStil business to strengthen the competitiveness of the business.
STEELCAME’s assets will comprise four former SoluStil sites in the Rhône-Alpes region, namely La Boisse, Trévoux, Arnas, Montélier, together with Stalobrex, a Polish steel processing business owned by ArcelorMittal. The Cellino Group will contribute two assets to the JV, the Italian company Intek, and the Polish company SHL, both of them active in steel processing and steel components manufacturing.
SoluStil was formerly a part of ArcelorMittal Europe’s Distribution Solutions business, and is a leading European sheet metalwork company. Prior to the creation of the STEELCAME JV, four sites of ArcelorMittal’s SoluStil business, in Héricourt, Châteaubriant, Ancenis, Biars-sur-Cère, were transferred into a newly formed company, Acierplus and subsequently sold to ArcelorMittal CLN Distribuzione Italia, a joint venture between ArcelorMittal and the CLN group.