Commentary
BRUSSELS, Belgium — Three European steelmakers announced plans Monday to merge into the world’s largest with production of 46 million tons per year.
France’s Usinor, Luxembourg’s Arbed and the Spanish Aceralia Corporacion Siderurgica said the merger would be completed by fall.
The new group, to be set up in Luxembourg, would make an offer for the shares of each of the firms.
Usinor is to hold 56.5% of the new group, Arbed would hold 23.4% and Aceralia would hold 20.1%.
The firms said they plan to gradually shift production to their most efficient plants, with the restructuring expected to yield $320 million in investment savings from 2002 to 2005.
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