ArcelorMittal Completed Purchase of Strategic Stake in Vallouerec

SEATTLE (Scrap Monster): ArcelorMittal announced that it has completed the acquisition of 28.4% equity interest in Vallourec, by purchasing a total of 65,243,206 shares from funds managed by Apollo Global Management Inc., for a total consideration of approximately €955 million.

The company had signed the Share Purchase Agreement (SPA) in mid-March this year. The agreement had later received the approval of relevant antitrust authorities and clearances under foreign investment regulations.

With the completion of the transaction, the appointment of Mr. Genuino Magalhaes Christino, CFO, ArcelorMittal as director of Vallourec has come into effect. Keith Howell, Chief Operating Officer, ArcelorMittal USA will be appointed as director of Vallourec. Also, Aditya Mittal will serve as observer of Vallourec.

Commenting on the development, Aditya Mittal, CEO, ArcelorMittal said that the strategic stake acquisition of Vallourec- an established producer of high-quality tubular products, is a welcome addition to its investment portfolio. It will support the company’s ongoing efforts to grow its business. The company looks forward to support Vallourec’s management team in their efforts to drive further performance improvement, Mittal added.

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