7 October 2015 - ArcelorMittal and
IMETAL, an Algerian state-owned company, have reached an outline
agreement for the restructuring of the shareholding of the
companies ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes
Algeria and ArcelorMittal Tébessa.
The restructuring follows the
strategy of the Algerian Government to ensure the promotion and
development of the national steel industry and to promote
self-sufficiency in steel. The restructuring is aligned with
ArcelorMittal's strategy of asset portfolio optimisation.
The restructuring plan will see
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 entities. Furthermore, ArcelorMittal will continue its
technical support for the successful implementation of El Hadjar
Complex development plan.
The parties aim to finalise the
agreements within the coming weeks. The agreement will reinforce
the Annaba development plan and mining operations in Tebessa and
will ensure their long term sustainability.
Commenting on the announcement,
Davinder Chugh, member of ArcelorMittal's Group Management Board,
said: "We are pleased to have reached this agreement with the
Algerian Government, with whom we have always enjoyed a strong
relationship. 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."
"This agreement will allow
the Algerian party to have total control of the three companies
ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes Algeria and
ArcelorMittal Tébessa which will facilitate decision making and
mobilisation in particular of financial resources to ensure the
success of the revamping and the start-up of operations in good
conditions.
This agreement will also help to stabilise the social climate at
the three companies to improve their profitability and preserve
jobs." commented Abdessalam Bouchouareb, Minister of Industry and
Mines, Algeria.
The two parties agree to continue
their collaboration in order to ensure the success of the
development plans of the three companies ArcelorMittal Algeria,
ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal
Tébessa.
About
ArcelorMittal
ArcelorMittal is the world's
leading steel and mining company, with a presence in 60 countries
and an industrial footprint in 19 countries. Guided by a philosophy
to produce safe, sustainable steel, we are the leading supplier of
quality steel in the major global steel markets including
automotive, construction, household appliances and packaging, with
world-class research and development and outstanding distribution
networks.
Through our core values of
sustainability, quality and leadership, we operate responsibly with
respect to the health, safety and wellbeing of our employees,
contractors and the communities in which we operate.
For us, steel is the fabric of
life, as it is at the heart of the modern world from railways to
cars and washing machines. We are actively researching and
producing steel-based technologies and solutions that make many of
the products and components people use in
their everyday lives more energy
efficient.
We are one of the world's five
largest producers of iron ore and metallurgical coal and our mining
business is an essential part of our growth strategy. With a
geographically diversified portfolio of iron ore and coal assets,
we are strategically positioned to serve our network of steel
plants and the external global market. While our steel operations
are important customers, our supply to the external market is
increasing as we grow.
In 2014, ArcelorMittal had
revenues of US$79.3 billion and crude steel production of 93.1
million tonnes, while own iron ore production reached 63.9 million
tonnes.
ArcelorMittal is listed on the
stock exchanges of New York (MT), Amsterdam (MT), Paris (MT),
Luxembourg (MT) and on the Spanish stock exchanges of Barcelona,
Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please
visit: http://corporate.arcelormittal.com/
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