ArcelorMittal gets contract from Technip worth over $270 million
BY RUTH BENDER
PARIS -- Steel giant ArcelorMittal said it was selected by Technip to supply highly resistent steel wires for the development of oil and gas offshore fields in a contract worth over $270 million.
ArcelorMittal said the five year contract with Technip is its most significant European contract for its wire activities.
ArcelorMittal' s site in Bourg-en-Bresse, in the French Rhones-Alpes region, is part of its Distribution Solutions division and will fabricate highly resistant, semi-manufactured rolled products to be used on flexible sheaths for the development of ever deeper oil and gas fields worldwide.
The site' s wire activities benefited from a $8.5 million investment over the past three years and gradually reinforced its production teams and technical capabilities.
This commercial contract comes with a research and innovation contract. The agreement envisages the development of new wire solutions for Technip.
Dow Jones Newswires