ArcelorMittal gets contract from Technip worth over $270 million

9/19/2013

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

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