Cleary Gottlieb is representing its longtime client ArcelorMittal in its acquisition of the Concept Group, a West Virginia coal mining company that produces metallurgical coking coal. The stock purchase, announced on July 21, is expected to close in the third quarter of 2008.
ArcelorMittal’s acquisition of Concept Group is designed to increase its upstream self-sufficiency in primary raw materials, which is part of its growth strategy.
ArcelorMittal is the world’s largest integrated metals and mining company, with over 310,000 employees in more than 60 countries and an industrial presence in Europe, Asia, Africa and America. In 2007, ArcelorMittal produced 116 million tons of crude steel, representing about 10% of world steel output.
The Concept Group, located in southern West Virginia, produced 0.8 million tons of metallurgical coking coal in 2007 and has reserves in excess of 57 million tons.