ArcelorMittal completes sale of its Kazakh Steel and Mining Operation ArcelorMittal Temirtau to the Qazaqstan Investment Corp for $986M
Portfolio Pulse from Benzinga Newsdesk
ArcelorMittal has finalized the sale of its Kazakh steel and mining operation, ArcelorMittal Temirtau, to Qazaqstan Investment Corporation for a total consideration of $986 million. The deal includes an initial payment of $286 million, $250 million for outstanding intra-group dues, and an additional $450 million guaranteed by a sovereign fund, to be paid in four annual installments.
December 08, 2023 | 7:42 am
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ArcelorMittal has successfully sold its ArcelorMittal Temirtau unit in Kazakhstan to Qazaqstan Investment Corporation for $986 million, which will likely improve the company's financial position and may be viewed positively by investors.
The sale of ArcelorMittal Temirtau represents a significant divestiture for ArcelorMittal, which could lead to a positive short-term impact on the company's stock price. The influx of cash from the sale may be used to reduce debt, invest in other strategic areas, or return value to shareholders. Investors typically view such transactions favorably when they streamline operations and strengthen the balance sheet.
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