Contact Information: Contact info: Investor Relations Manager S&B Industrial Minerals S.A. 15 Andrea Metaxa str. Kifissia 145 64 T: +30 210 6296 157 F: +30 210 6296 077 E: h.kotsokolos@sandb.com
S&B Establishes a Joint Venture for Continuous Casting Fluxes in China With Angang Steel Company Ltd.
| Source: S & B Industrial Minerals
ATHENS, GREECE--(Marketwire - January 27, 2010) - S&B (S&B) (ATHEX : ARBA ) announces that it
signed an agreement on January 26, 2010 for the establishment of a 30-year
joint venture (JV) with the Angang Industry Group Co. Ltd., in the northern
part of China (Liaoning Province). The agreement has been signed between
Stollberg & Samil Co. Ltd, an existing JV of S&B in Korea and the Angang
Industry Group Co. Ltd., an affiliate of Angang Steel Co. Ltd. (Angang).
The total investment in the JV amounts to USD 6.0 million. S&B's
proportionate participation at Group level will be USD 1.5 million.
The purpose of the newly formed company is to create an in-house supply of
metallurgical fluxes for the steel production division of Angang, offering
the advantages provided by S&B's world class production standards, quality
control expertise and application know-how in continuous casting fluxes
(CCF). Within this scope, a new plant will be established in proximity of
Angang's steel plant in the area. The new plant is expected to be
operational in the final quarter of 2010.
The new JV will enable S&B's CCF Division to consolidate its position by
expanding its geographical footprint in the area and by increasing its
market share. CCFs are a range of specialized and high value-adding
products crucial to the continuous casting process in steel casting. S&B's
CCF Division (represented by Stollberg brand) is the global market leader
and technology provider in CCF and related technical products and services
for the steel industry. It currently has a strong presence in Asia (19% of
the Division's Revenues in 2008) serving the Korean and East Asian steel
markets through Stollberg & Samil Co. Ltd.
Angang is one of China's 10 largest steelmakers and the second largest
producer in mainland China. Its steel production was more than 20 million
tons in 2009, representing an approximate 4% of the total steel industry
market of China, with solid future growth prospects.
Commenting on the new JV, Mr. Efthimios Vidalis, CEO of S&B, stated: "This
new joint venture represents a further step towards securing and increasing
our market presence in the largest and fastest growing steel market in the
world. It will strengthen our cooperation with our Korean partners in
Stollberg & Samil Co. Ltd. and will also give us the opportunity to provide
the Angang Group, one of China's biggest steelmakers, with our leading
technological expertise and best-in-class product palette. Moreover, this
venture is fully aligned with our strategy to selectively expand our
geographical presence, by offering our value-added industrial solutions in
higher growth markets."
S&B Industrial Minerals S.A. is a multinational Group of companies, its
purpose being to provide innovative industrial solutions by developing and
transforming natural resources into value creating products. Utilizing the
multiple properties of industrial minerals, S&B offers a portfolio of
customized solutions for a broad range of applications (including foundry,
steel-making, construction & building materials, metallurgy and
horticulture), operating responsibly and adhering to the sustainable
development principles of the triangle: economy -- society -- environment.
It holds leading positions in its main sectors (bentonite, perlite, bauxite
and casting fluxes). S&B was established in Greece in 1934, is listed on
the Athens Stock Exchange (ATHEX : ARBA ), is active in 21 countries across 5
continents, in 2008 it had a Group turnover of over Euro 450 million, and
employs approximately 2,050 people worldwide. For more information, please
visit S&B's website at www.sandb.com