August 2014

Closer co-operation of TAURON Group and ArcelorMittal

Representatives of the management boards of TAURON Group and ArcelorMittal Group signed a Shareholders’ Agreement on August 11, 2014 in Katowice.

Representatives of the management boards of companies belonging to TAURON Group (TAURON Polska Energia S.A., TAURON Wytwarzanie S.A. and TAURON Ciepło sp. z o.o.) and ArcelorMittal Group (ArcelorMittal Poland, AMO HOLDING 11, AM Global HOLDING Bis, ArcelorMittal Ostrava), signed the Shareholders’ Agreement on August 11, 2014 in Katowice which will make them partners in a joint entity – company TAMEH HOLDING which will perform investment and operational tasks in the area of industrial power engineering. The Agreement was concluded for 15 years with an option to extend it.

Company TAMEH HOLDING (TAURON ArcelorMittal Energy Holding) in which both capital groups will hold 50% shares each, will have 100% shares  in two operating companies i.e. Polish - TAMEH POLSKA sp. z o.o. and Czech  - TAMEH Czech s.r.o. The Polish Company will comprise Generation Plant Nowa in Dąbrowa Górnicza spun off from TAURON Ciepło sp. z o.o. and Combined Heat and Power Plant Blachownia (Generation Plant Blachownia) belonging to TAURON Wytwarzanie S.A., whereas ArcelorMittal Poland will contribute the Combined Heat and Power Plant in Kraków (Generation Plant Kraków). The Czech Operating Company will operate the Combined Heat and Power Plant in Ostrava.

Main objectives of the agreement

The main business objective of the planned enterprise is a long-term and international co-operation between the companies. There are also plans involving development of power engineering assets by TAURON, and securing supplies of utilities  (i.e. electric energy, heat, bf blast and compressed air) to ArcelorMittal plants. Whereas the financial objective of the project is to achieve financial results at the level that will make it possible to finance necessary investments in the joint enterprise.

"TAURON is opening a new chapter of its business activity – says Dariusz Lubera, CEO, TAURON Polska Energia S.A. – Extension of competences to  cover the area of industrial power engineering fits into diverse operations of the Group and offers new opportunities to both sides of the agreement, it is also a chance to reduce operating costs of entities which are a part of the new structure. What is more, as a result of the decisions made, the operating period of Generation Plant Blachownia will be extended".

Dariusz Lubera, CEO, TAURON

"The creation of this joint venture is crucial for us, especially that TAURON has been our business partner for years – says Sanjay Samaddar, CEO, ArcelorMittal Poland S.A. We are looking forward to the execution of joint investment projects that will increase energy efficiency of the parties to the agreement. We also hope that their implementation will give ArcelorMittal plants in Poland and in the Czech Republic the competitive edge."

Sanjay Samaddar, CEO, ArcelorMittal Poland S.A.

TAMEH HOLDING sp. z o.o. and the operating companies are expected to launch their operation in Q4 2014.

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