ArcelorMittal, the world’s biggest steel company, has signed up an agreement to get hold of Bakermet, a market leader in the scrap metal recycling industry in Eastern Ontario, Canada.

However, the financial details of the deal were not disclosed yet.

Bakermet, specializes in all types of ferrous and non-ferrous metal, processed around 130,000 short tons of ferrous and 40 million pounds of non-ferrous metals during the last year (2007).

ArcelorMittal said that Bakermet, situated near the capital Ottawa, would secure upstream self sufficiency in shredded metal for one of its mills located in Quebec.

Mr. Jos Jacque, CEO of ArcelorMittal Long Carbon North America, said, “This acquisition further strengthens our access to and ownership of key raw material supplies. Further, we are delighted that Bakermet's existing management, have committed to stay with the business and bring a wealth of experience to the ArcelorMittal group. We are excited by this opportunity and look forward to integrating the Bakermet operations into the ArcelorMittal group.”

ArcelorMittal has 310,000 employees in over 60 countries. The company is the leader in all major global markets such as automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).