By Cristina Roca 
 

ArcelorMittal (MT.AE) said Monday that DryLog will buy a 50% stake in its shipping business and become its partner in a new 50-50 shipping joint venture.

The Amsterdam-listed steel and mining company said it has signed a purchase agreement with DryLog for the sale of 50% of Global Chartering Ltd., and that the sale should close before the end of 2019.

The joint venture will impact ArcelorMittal's net debt by $530 million, the company said, with $400 million on completion and the rest due in early 2020. The company said the deal is part of a drive to unlock up to $2 billion in value from its assets by the middle of 2021.

 

Write to Cristina Roca at cristina.roca@dowjones.com

 

(END) Dow Jones Newswires

December 23, 2019 02:48 ET (07:48 GMT)

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