ArcelorMittal buys 60% stake in Dubai company
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.