ArcelorMittal & IMETAL agree to restructure shareholdings

KOLKATA: ArcelorMittal and IMETAL, an Algerian state-owned company, have reached an agreement to restructure the shareholding of ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal Tébessa.

The restructuring follows the Algerian government's strategy to ensure the promotion and development of the national steel industry and to promote self-sufficiency in steel. It is also aligned with ArcelorMittal’s strategy of asset portfolio optimisation, an official statement issued by ArcelorMittal said.

As part of the restructuring, ArcelorMittal transfer its minority shareholding in both ArcelorMittal Algeria and ArcelorMittal Tebessa as well as its majority participation in ArcelorMittal Pipes & Tubes Algeria, with the state of Algeria controlling the full shareholding of these units. The parties aim to finalise the agreements within the coming weeks.

Commenting on the development, Davinder Chugh, member of ArcelorMittal’s Group Management Board, said: “ The agreement will enable ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal Tebessa to play a long term role in Algeria’s steel and mining industries. We now look forward to supporting the Algerian Government in implementing a plan that is in the interests of both the company and the country.”