August 2014

Closer cooperation of the TAURON Group and ArcelorMittal

On 11 August 2014, the representatives of the Boards of Directors of the TAURON Group and ArcelorMittal Group signed a partnership agreement in Katowice.

On 11 August 2014, the representatives of the Boards of Directors of the companies from TAURON Group (TAURON Polska Energia, TAURON Wytwarzanie and TAURON Ciepło) and  ArcelorMittal Group (ArcelorMittal Poland, AMO HOLDING 11, AM Global HOLDING Bis, ArcelorMittal Ostrava) a partnership agreement in Katowice. Under that agreement, they will become partners in a joint venture – TAMEH Holding that will perform investment and operational tasks in the field of industrial energy. The agreement was entered into for a period of 15 years with a possibility of further renewal.

TAMEH Holding (TAURON ArcelorMittal Energy Holding), in which each of the capital groups will have a 50% share, will own 100 % of the shares in two operating entities, including Poland-based TAMEH POLSKA and Czech Republic-based TAMEH Czech. The polish operating company will consist of: Elektrociepłownia in Dąbrowa Górnicza (EC Nowa), detached from TAURON Ciepło, and Elektrownia Blachownia, belonging to TAURON Wytwarzanie, while ArcelorMittal Poland will include Elektrociepłownia in Krakow (EC Kraków). The Czech operating company will operate the thermal power station in Ostrava.

Main objectives of the contract.

The long-term international cooperation of the companies is the main business objective of the planned project. Development of energy assets on the part of TAURON and securing of supplies of utilities (including electricity, heat, blast-furnace wind and compressed air) for ArcelorMittal's plants. The financial objective of the project is to generate financial results at the level allowing the funding of the necessary investments in a joint project.

"TAURON is opening a new chapter in its business,"says Dariusz Lubera, Chairman of the Board of Directors of TAURON Polska Energia S.A. "The expansion of competencies to industrial energy fits into the diversification of the Group's activities and opens up an agreement on new possibilities before both parties, while at the same time enabling the reduction of the costs of operating a new structure of entities. In addition, due to the measures taken, the operating hours of the Blachownia Power Station will be extended."

"The creation of this joint venture is of strategic importance for us, especially given that TAURON has been our business partner for many years," emphasizes Sanjay Samaddar, the Chairman of the Board of ArcelorMittal Poland SA. "We are looking forward to the joint implementation of the joint investment projects that will contribute to increasing the energy efficiency of the parties. We also believe that their implementation will result in greater competitiveness of the ArcelorMittal plants not only in Poland but also in the Czech Republic," he adds.

TAMEH Holding and the operating companies are set to begin operations in the fourth quarter of 2014.

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