By Pierre Bertrand

ArcelorMittal said Thursday that it has signed an agreement to acquire Polish scrap metal recycling business Zlomex.

The Luxembourg-based steelmaker said that the transaction is expected to be closed in the first half of 2023, subject to regulatory approvals.

Zlomex operates in Krakow and Warsaw and last year processed and shipped almost 400,000 tonnes of ferrous scrap metal. The Polish company has also been a long-standing supplier to ArcelorMittal's Dabrowa Gornicza and Warsaw steel plants.

It is ArcelorMittal's fourth scrap metal acquisition in Europe in 2022, the company said.

ArcelorMittal didn't disclose financial details and wasn't immediately available for comment.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

December 29, 2022 04:34 ET (09:34 GMT)

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