ArcelorMittal South Africa to Sell Stake in MIHBV for $220 Million
29 Maggio 2018 - 8:27AM
Dow Jones News
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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