ArcelorMittal and Areva sign industrial partnership agreement
ArcelorMittal said on Thursday that it had signed an agreement with French nuclear operator Areva for a 70 million euro investment for the production of ingot steel, used in nuclear industry.
By PTI |
LONDON: World's largest steel producer ArcelorMittal said on Thursday that it had signed an agreement with French nuclear operator Areva for a 70 million euro investment aimed at increasing production of ingot steel, used in nuclear industry.
The investment, which will be staggered between 2008 and 2010, will increase ingot production capacity significantly from 35,000 tons to 50,000 tons a year, a statement from ArcelorMittal said. It added that the two companies will implement a joint three-year metallurgy research and development programme, which will be conducted at the Creusot Materials Research Center.
ArcelorMittal said this strategic partnership underlines the company's commitment to France. "It is part of multi-year steel plant development programmes, implemented notably in Dunkirk, Fos and Florange which represent a total investment of 1 billion Euros," it said.
ArcelorMittal said at a time when the nuclear industry is experiencing strong growth worldwide, this partnership will secure the supply of forged nuclear parts for Areva through its subsidiary Creusot Forge, and allow it to continue to develop the French nuclear industry.
"This investment will therefore benefit all the Burgundy regions nuclear players who have joined forces in a competitiveness cluster known as The Burgundy Nuclear Partnership," the company added.
The investment, which will be staggered between 2008 and 2010, will increase ingot production capacity significantly from 35,000 tons to 50,000 tons a year, a statement from ArcelorMittal said. It added that the two companies will implement a joint three-year metallurgy research and development programme, which will be conducted at the Creusot Materials Research Center.
ArcelorMittal said this strategic partnership underlines the company's commitment to France. "It is part of multi-year steel plant development programmes, implemented notably in Dunkirk, Fos and Florange which represent a total investment of 1 billion Euros," it said.
ArcelorMittal said at a time when the nuclear industry is experiencing strong growth worldwide, this partnership will secure the supply of forged nuclear parts for Areva through its subsidiary Creusot Forge, and allow it to continue to develop the French nuclear industry.
"This investment will therefore benefit all the Burgundy regions nuclear players who have joined forces in a competitiveness cluster known as The Burgundy Nuclear Partnership," the company added.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
