ArcelorMittal And IMETAL Reach Agreement For Restructuring Of Shareholding

(RTTNews) - ArcelorMittal (MT) 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.