Mexican Mittal acquisition

Thousands of workers walked off the job at the Sicartsa steel plant, recently bought by Arcelor Mittal, in western Mexico on Friday to protest the arrest of a local union boss.
However, the union later said in a press release that Rodriguez, apparently accused of corruption, had been released in the afternoon and that workers could end their walkout within hours. Arcelor Mittal bought Sicartsa from previous owner Grupo Villacero for enterprise value of $1.439 billion in December.Sicartsa produces steel rod and wire used in the construction sector, which is booming in Mexico thanks to growth in low-cost home building. Last year, it exported about 20 percent of its output to the United States.Poor labour relations have plagued Sicartsa in recent years, with strikes in 2005 and 2006.Last year's four-month stoppage led Grupo Villacero to halt steel exports and say it was looking for joint venture and merger options. In April, hundreds of police, many armed, stormed a picket line at the Sicartsa complex, leaving two workers dead and dozens injured.