ArcelorMittal (MT) said Tuesday its shareholders approved the spin-off of the stainless steel division into a newly-created company called Aperam SA (APAM.AE), a move the steelmaker hopes will allow it to better capture growth in the stainless market.

In order for shareholders to receive Aperam shares following the approval at an extraordinary general meeting Tuesday, ArcelorMittal said shareholders must hold ArcelorMittal shares on the record date Jan. 28, 2011.

Aperam has 2.5 million metric tons of flat stainless steel production capacity in Europe and Brazil.

-By Devon Maylie, Dow Jones Newswires; +44 (20) 7842 9483; devon.maylie@dowjones.com
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