ArcelorMittal Shares Fall After Disclosure of Kazakhstan Business Talks
30 Octobre 2023 - 10:51AM
Dow Jones News
By Pierre Bertrand
ArcelorMittal shares fell Monday after the Luxembourg-based
steelmaker said it had recently signed a preliminary agreement with
the government of Kazakhstan to transfer the ownership of its
operations in the country to the republic.
At 0919 GMT, Amsterdam-listed shares traded down 4.6% at
EUR20.11.
ArcelorMittal Temirtau, ArcelorMittal's company in the country,
disclosed on Sunday that it had been in talks about the transfer of
the company to the government for several months and that an
in-principle agreement had been reached days before dozens of
miners were killed Saturday in an explosion at its Kostenko coal
mine.
ArcelorMittal Temirtau in its statement said that a number of
fatal accidents had occurred at its mines over the last two years
due to their complex geology.
Temirtau added that "while significant efforts have been made to
stabilize the situation, we have agreed with the Kazakh government
to find a new path forward that will ensure the sustainability of
the operation."
ArcelorMittal said it would work to complete this transaction as
quickly as possible while also supporting those families affected
by Saturday's incident.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 30, 2023 05:36 ET (09:36 GMT)
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