SGL Carbon Secures Multi-Hundred Million Euro ArcelorMittal Contract

Date : 04/16/2012 @ 4:53AM
Source : Dow Jones News
Stock : Arcelor Mittal NY Registry Shares New (MT)
Quote : 22.26  0.34 (1.55%) @ 4:00PM

SGL Carbon Secures Multi-Hundred Million Euro ArcelorMittal Contract

Mittal Steel (NYSE:MT)
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German carbon fiber producer SGL Carbon SE (SGL.XE) has concluded a five year supply agreement with steel producer ArcelorMittal (MT) for graphite electrodes which an SGL spokesman said Monday is worth several hundred million euros.

SGL said the contract is the biggest single contract in its history.

The two companies have also agreed to cooperate in total cost of ownership activities, which will reduce costs for both parties, said SGL in a statement.

ArcelorMittal board member Davinder Chugh said the cost optimisation efforts will focus on energy usage, specific electrode consumption and inventory carrying costs.

Graphite electrodes are used to recycle steel scrap in electric arc furnaces. The proportion of electric arc furnaces in worldwide steel production currently stands at about 30%, according to SGL.

-Frankfurt Bureau, Dow Jones Newswires; 49-69-29725-500

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