ArcelorMittal buys remaining 3.57 pc stake in Ostrava arm

NEW DELHI: ArcelorMittal said its Czechoslovakian operations -- ArcelorMittal Ostrava -- has become a wholly-owned subsidiary of itself.

The world's largest steel-maker has bought the remaining 3.57 per cent in the Czech entity for an estimated USD 82 million.

"The shareholders of ArcelorMittal Ostrava today agreed at an Extraordinary General Meeting in Ostrava that ArcelorMittal would acquire the 3.57 per cent of the company's shares that it does not already own," the Luxembourg-headquartered company said in an e-mail statement.

ArcelorMittal had raised its stake in the subsidiary to 96.43 per cent in January, it said.

"The total consideration for the minority share will be approximately USD 82 million and will be paid to the relevant shareholders later this year," it added.

ArcelorMittal, with 73.2 million tonnes of crude steel production annually, is the largest steel producer in the world and has operations in about 60 countries.