World's largest steel producer ArcelorMittal today said it has acquired 70 per cent stake in Brazilian steel processor Manchester Tubos e Perfilados SA.


This comes close on the heels of steel magnate L N Mittal-led company acquiring 50 per cent stake in Gonvarri Brasil, a steel service facilities provider.


With the acquisition of Manchester and its partnership with Gonvari, ArcelorMittal would widen its product offering in the distribution segment in Brazil.


The new acquisition would reinforce company's downstream position in Brazil and help it target the country's construction market as well.


"Penetrating this fast growing market with a diversified offer, from tubes to structural profiles, is considered as a great opportunity for the Group," said Michel Wurth, member of ArcelorMittal's Group Management Board.