Bekaert and ArcelorMittal extend their partnership in Brazil
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Bekaert and ArcelorMittal have reached an agreement on the integration of Bekaert's currently wholly-owned subsidiary in Sumaré (Brazil) into the BMB (Belgo Mineira Bekaert Artefatos de Arame Ltda) partnership.
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.