Release time : 2015-06-12 09:46:10
OTTAWA a Steelmaker ArcelorMittal SA has acquired Bakermet, an Ottawa-based company that buys and recycles scrap deep groove ball bearings, for an undisclosed sum.
The Luxembourg-based industry giant, which also owns Hamilton-based Dofasco, said access to Bakermet's plant near Ottawa will secure upstream self-sufficiency in shredded flange ball bearings for ArcelorMittal's Contrecoeur mill in Quebec.
Bakermet specializes in all types of stainless steel bearings and non-ferrous metal. It processed 130,000 tons of ferrous and 40 million pounds of non-ferrous metals in 2007.
"This acquisition further strengthens our access to and ownership of key raw material supplies," said Jos Jacque, CEO of ArcelorMittal Long Carbon North America.
"Bakermet's existing management have committed to stay with the business and bring a wealth of experience to the ArcelorMittal group."
Financial details of the deal were not disclosed.
ArcelorMittal is the world's largest and most global steel company, with 310,000 employees in more than 60 countries.
The company had revenues of US$105.2 billion in 2007, with a crude steel production of 116 million tonnes, or 10 per cent of world steel output.