ArcelorMittal Sells Temirtau Assets to Kazakh Government for $286 Million

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 [e-mail]

(END) Dow Jones Newswires

December 08, 2023 04:39 ET (09:39 GMT)

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