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Steel giant in $1.4bn Mexico deal
Arcelor Mittal's boss says further consolidation is on the cards
The world's biggest steelmaker, Arcelor Mittal, is to buy Mexican steel producer Sicartsa for $1.4bn (£730m). The company, which operates in Mexico and Texas, reported revenues of $954m in 2004. "This acquisition creates a strong and well-balanced long carbon player in the Americas," said Arcelor Mittal chief financial officer Aditya Mittal. "With the Mexican market expected to grow by up to 6% per year over the next 10 years this is the ideal time to expand our presence in this country."