Cleary Gottlieb is representing ArcelorMittal in the sale of its bar mill Huta Bankowa to the Polish Alchemia SA Capital Group. The transaction is related to the conditions of the European Commission following Mittal’s takeover of Arcelor. Apart from the Polish Mittal bar mill, ArcelorMittal has also disposed of Arcelor’s medium section mill Travi e Profilati di Pallenzano in Italy and Arcelor’s steel plant Arcelor Thüringen in Germany.
Huta Bankowa is a wholly owned subsidiary of ArcelorMittal located in Dabrowa Gornicza, Poland. In 2005, Huta Bankowa achieved a total turnover of around €81 million. It employs approximately 750 people.
ArcelorMittal is the world’s number one steel company, with 330,000 employees in more than 60 countries. The group reported sales of 43,000 billion in the first half of 2006, with approximate production capacity of 130 million tons a year, representing around 10 % of world steel output.