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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Arcelor Mittal New | NYSE:MT | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.15 | 0.59% | 25.37 | 25.555 | 25.255 | 25.49 | 995,586 | 21:15:00 |
From Apr 2019 to Apr 2024
By Nathan Allen
ArcelorMittal's (MT.FR) South African subsidiary said Monday that it has agreed to sell its 50% stake in steel-trading company Macsteel International Holdings BV to its joint-venture partner Macsteel Holdings Luxembourg SARL for $220 million.
The proceeds will be used to strengthen ArcelorMittal South Africa's balance sheet, to meet working capital requirements and to fund other investments in the business, the company said.
ArcelorMittal South Africa originally provided most of the steel traded by MIHBV but it now supplies less than 20% of the steel traded by MIHBV, and less than 2% of volumes shipped by MIHBV, it said.
"Consequently, the investment is no longer considered to be a core asset for ArcelorMittal South Africa," the company said.
The transaction should close by July 1, ArcelorMittal said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
May 29, 2018 02:12 ET (06:12 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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