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ArcelorMittal inks pact to acquire Mid Vol Coal Group

ArcelorMittal inks pact to acquire Mid Vol Coal Group
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First Published: Mon, Jun 23 2008. 03 04 PM IST
Updated: Mon, Jun 23 2008. 03 04 PM IST
PTI
London: The world’s largest metal and mining company ArcelorMittal announced on 23 June it has signed an agreement to acquire Mid Vol Coal Group of the US.
Located in southern West Virginia and southwestern Virginia in the Central Appalachian coal basin, Mid Vol produced 1.5 million tonnes of metallurgical coking coal in 2007 and has estimated reserves and resources in excess of 85 million tonnes, a statement from ArcelorMittal said.
The company, however, did not disclose the financial details of the acquisition.
“This acquisition further increases our self-sufficiency in a primary raw material during a time when metallurgical coking coal demand on a global scale remains strong,” ArcelorMittal’s CFO and group management member Aditya Mittal said.
“It is our intention to double the production level at Mid Vol in a short to medium term and permits have been recently granted to the operation, which will facilitate this,” he said.
ArcelorMittal is currently the largest customer of Mid Vol and the quality of the coal produced, meets that demanded by our coke making facilities, Mittal added.
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First Published: Mon, Jun 23 2008. 03 04 PM IST