Two companies within the ArcelorMittal group, ArcelorMittal CLN and Industeel, have requested approval from European authorities to take full control of Italian flat stainless and special steels distributor and processor Centro Servizi Metalli (CSM).
Industeel, which currently owns 21% of CSM, is set to take control of 49% of the company. The Italian distribution company ArcelorMittal CLN has an almost 43% shareholding in CSM.
The remaining shares are set to remain in the hand of the current owners.
The European authorities are expected to give an answer to the request by mid-March, Kallanish understands.
CSM is an Italian based distributor of stainless and special flat steel products, with operations in Italy, France and Poland, supported by two further commercial offices in Germany and Benelux.