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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 | |
|---|---|---|---|---|---|---|---|---|
| 0.26 | 1.01% | 25.98 | 26.17 | 25.925 | 26.17 | 1,373,327 | 21:00:04 |
From May 2022 to May 2024
By Jeffrey T. Lewis
SAO PAULO--Vale SA said Thursday evening that it and its partners sold their stakes in steelmaker Companhia Siderurgica do Pecem, or CSP, to ArcelorMittal.
The sale has an enterprise value of $2.2 billion, which will be used to prepay CSP's outstanding net debt balance of $2.3 billion, Vale said.
Iron-ore miner Vale owned 50% of the company, with South Korea's Dongkuk Steel Mill Co., Ltd. owning 30% and Posco Holding Inc. holding the remaining 20% of CSP.
The sale is part of Vale's efforts to simplify its portfolio and focus on its core businesses, the Brazilian company said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
March 10, 2023 06:29 ET (11:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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