MT ArcelorMittal

   By Patrick Costello 
 

ArcelorMittal (MT.FR) said Monday that it has completed the sale of several steel making assets to London's Liberty House Group, part of the divestment package agreed to with the EU to gain approval for its takeover of Italian steelmaker Ilva SpA.

The total net consideration for the assets payable to ArcelorMittal is 740 million euros ($841.1 million), the Luxembourg-based steelmaker said.

The company said it received EUR610 million on June 28 and is depositing EUR110 million in escrow for the London-based metals group to use for capital expenditure projects as part of the EU's approval process.

Assets included in the sale are ArcelorMittal Ostrava in the Czech Republic, ArcelorMittal Galati in Romania, ArcelorMittal Skopje in Macedonia, ArcelorMittal Piombino in Italy, ArcelorMittal Dudelange Luxembourg and several finishing lines at ArcelorMittal Liege in Belgium, the company said.

ArcelorMittal agreed to acquire Ilva for EUR1.8 billion in 2017.

Write to Patrick Costello at patrick.costello@dowjones.com.

(END) Dow Jones Newswires

July 01, 2019 02:37 ET (06:37 GMT)

ArcelorMittal (EU:MT)
Historical Stock Chart
From Mar 2024 to Apr 2024

ArcelorMittal (EU:MT)
Historical Stock Chart
From Apr 2023 to Apr 2024