Joint press release of IMetal and ArcelorMittal
(Thomson Reuters ONE) -
ArcelorMittal S.A. /
Joint press release of IMetal and ArcelorMittal
. Processed and transmitted by NASDAQ OMX Corporate Solutions.
The issuer is solely responsible for the content of this announcement.
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/
+------------------------------------------------------------------------------+
| |
| |
| |
|Contact information ArcelorMittal Investor Relations |
| |
| |
| |
|Europe +35247923198 |
| |
|Americas +13128993985 |
| |
|Retail +35247923198 |
| |
|SRI +442075431123 |
| |
|Bonds/Credit +33171921026 |
| |
| |
+------------------------------------------------------------------------------+
| |
| |
|Contact information ArcelorMittal Corporate |
|Communications |
| |
| |
|E-mail: press(at)arcelormittal.com|
| |
|Phone: +442076297988 |
| |
| |
+------------------------------------------------------------------------------+
| |
| |
|ArcelorMittal Corporate Communications |
| |
| |
| |
|Paul Weigh (head of media relations) +442032142882 |
| |
|Laura Nutt +442075431125 |
|Isabelle Cornelis +442032142453 |
| |
| |
| |
|United Kingdom |
| |
|Maitland Consultancy +442073795151 |
| |
| |
| |
|France |
| |
|Image 7 |
| |
|Sylvie Dumaine / Anne-Charlotte Creach +33153707470 |
| |
+------------------------------------------------------------------------------+
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: ArcelorMittal S.A. via GlobeNewswire
[HUG#1957308]
Unternehmensinformation / Kurzprofil:
Datum: 07.10.2015 - 11:54 Uhr
Sprache: Deutsch
News-ID 425415
Anzahl Zeichen: 10802
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 152 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Joint press release of IMetal and ArcelorMittal"
steht unter der journalistisch-redaktionellen Verantwortung von
ArcelorMittal S.A. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
