ArcelorMittal (MT) Supplies Steel for Turkey's Longest Bridge
ArcelorMittal Galati in Romania, a unit of ArcelorMittal MT, has supplied 34,000 tons of steel for the construction of one of the longest bridges in the world. The Osman Gazi Bridge reduces the distance between Istanbul and Izmir in Turkey by 140 kilometers, thereby cutting down the time of travel to 3.5 hours from 9 hours required earlier. The bridge was opened to the public last week.
ArcelorMittal, which is among the prominent players in the steel industry along with Nucor Corp NUE and U.S. Steel X, has supplied the steel used for constructing the horizontal deck of the bridge. The company supplied the 34,000 tons to Cimtas in four main lots, differing in width and thickness. Cimtas was selected as the only fabricator of the suspension bridge’s steel tower blocks as well as the orthotropic steel deck panels.
The bridge has been designed by a Danish engineering design firm, Cowi, and will be operated by an Italian-Turkish consortium, Nomayg, for 23 years. The consortium awarded the construction contract to Japanese firm, IHI Corporation. The $9 billion project makes the 2,682 meter bridge the longest suspension bridge in Turkey, the second longest in Europe and fourth longest in the world. It connects both sides of the Bay of Izmit in Northwest Turkey.
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As the world’s leading integrating steel and mining company, ArcelorMittal steel has previously been used for the construction of an earthquake-resistant high-rise in Philippines, the world’s tallest building, BurjKhalifa, in Dubai as well as the world’s largest cruise ship, Harmony of the Seas. The company has also been chosen by Volkswagen AG VLKAY as a supplier for the carmaker’s Future Automotive Supply Tracks initiative.
ArcelorMittal recorded a wider year-over-year adjusted loss of 10 cents per share in first-quarter 2016. However, the loss was narrower than the Zacks Consensus Estimate. Revenues plunged 21.7% year over year to $13,399 million in the quarter and missed the Zacks Consensus Estimate.
ArcelorMittal expects the impact of an improving steel spread environment to reflect in its results in the second half of 2016. The company has also set certain goals for 2020. It is working toward streamlining and building on the core strengths of the U.S. facilities, while progressing with its Transformation plan in Europe.
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