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  • Opening new markets for our Tubular business

ArcelorMittal completes the acquisition of Condesa Tubos S.L. (“Condesa”)

Luxembourg, 19 November 2021

Following the authorisation of the Competition Authorities, ArcelorMittal has concluded the purchase of Grupo Condesa.

The plants of Zalaín Transformados (Lesaka, Navarra), Mecanizados de Zalain (Lesaka, Navarra), Perfiles de precisión (Berrioplano, Navarra), Condesa Fabril (Legutio-Villarreal de Álava, Álava) and SRW Schwarzwälder Röhrenwerk (Altensteig-Walddorf, Germany) will be integrated in the ArcelorMittal group, within the organisational structure of ArcelorMittal Europe – Tubular  Products. This division produces tubes and pipes for the construction, energy, industry and automotive sectors, at its production units in Czech Republic, France, Poland and Romania.

With the acquisition of Grupo Condesa in Spain and Germany, ArcelorMittal Europe – Tubular  Products becomes the leading steel tube producer in Europe, with a unique and unrivalled range of steel tube solutions.

ArcelorMittal already held a 33% stake in Grupo Condesa’s share capital, as industrial partner, acquired in the framework of the latter’s restructuring process in February 2016, while the remaining 67% of the share capital was owned by a pool of banks formed by Santander, BBVA, CaixaBank, Kutxabank, Bankinter, Caja Rural de Navarra and Banco Sabadell.

Effective 19 November 2021, ArcelorMittal has become 100% shareholder of Condesa.

 

About Grupo Condesa

With presence in Europe and a team of around 610 people, Condesa, founded in Mondragón in 1954 by the Iribecampos family, currently owns manufacturing plants in Legutio, Zalain-Lesaka and Berrioplano (Spain), and in Altensteig-Walddorf (Germany). From 1992 to 2004, Grupo Condesa and Arcelor (currently ArcelorMittal) were partners. In 2004, the former acquired the tubes division of the latter. In 2016, following a financial restructuring process, the shareholding structure of Grupo Condesa changed, with the entrance of a pool of banks formed by the ten leading financial institutions in Spain (with 67% of the capital) and ArcelorMittal (with 33% of the capital).
Grupo Condesa is currently one of the European leaders in the manufacturing of steel welded tubes and tubular sections, with one of the largest production ranges in the market. As a result, Condesa is present in a wide variety of sectors and applications including automotive, construction, energy, conveyance, furniture and sign posting. Grupo Condesa’s commitment to both innovation and interaction with customers and suppliers is crucial and clearly demonstrated by its vast range of products, materials and options available to meet the requirements and evolution of the markets.

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. Guided by a philosophy to produce safe, sustainable steel, we are the leading supplier of quality steel in the major global steel markets including automotive, construction, household appliances and packaging, with world-class research and development and outstanding distribution networks.
Through our core values of sustainability, quality and leadership, we operate responsibly with respect to the health, safety and wellbeing of our employees, contractors and the communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of the modern world from railways to cars and washing machines. We are actively researching and producing steel-based technologies and solutions that make many of the products and components people use in their everyday lives more energy efficient.
We are one of the world’s largest producers of iron ore. With a geographically diversified portfolio of iron ore assets, we are strategically positioned to serve our network of steel plants and the external global market. While our steel operations are important customers, our supply to the external market is increasing as we grow.
In 2020, ArcelorMittal had revenues of $53.3 billion and crude steel production of 71.5 million metric tonnes, while own iron ore production reached 58.0 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit http://corporate.arcelormittal.com/.