The world’s largest steel maker ArcelorMittal has acquired 60 per cent stake in Dubai Steel Trading Company LLC for an undisclosed amount.
The acquisition would be done through DSTC FZCO, a newly incorporated company located in the Dubai free zone. DSTC FZCO would acquire the main business of Dubai Steel Trading Company, a steel distributor in the UAE.
DSTC LLC is a Dubai-based privately owned entity, founded in 1986, which currently employs 50 personnel. It sells principally to the construction market, which represents more than 50 per cent of its activity.