ArcelorMittal Sells Temirtau Assets to Kazakh Government for $286 Million
08 Décembre 2023 - 10:54AM
Dow Jones News
By Helena Smolak
ArcelorMittal sold its Temirtau steel and mining operation to
the Kazakh state investment fund for $286 million in a move to
transfer ownership of its assets back to the government.
The Luxembourg-based steel manufacturer said Friday that the
deal includes further $700 million as a repayment of outstanding
intra-group debt. ArcelorMittal said the sale will have a negative
impact on equity of about $800 million.
The ArcelorMittal Temirtau assets were valued by the company at
$1.8 billion as of Sept. 30, according to the company's latest
financial report.
The steelmaking assets of AccelorMittal Temirtau in Kazakhstan's
Karaganda region are now under the full control by the Qazaqstan
Investment Corporation and will be renamed, the company said. The
transfer involves ArcelorMittal Temirtau's Kostenko mine and its
tube manufacturing plant ArcelorMittal Tubular Products Aktau, it
said.
Write to Helena Smolak at helena.smolak@wsj.com
(END) Dow Jones Newswires
December 08, 2023 04:39 ET (09:39 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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