ArcelorMittal, the world’s largest steelmaker, has signed a share purchase agreement with DryLog for the sale of 50 per cent stake in Global Chartering (GCL), the steel major’s wholly-owned shipping business.
This is part of its commitment to unlock up to $2 billion from its asset portfolio by the middle of 2021. Subsequently, a 50:50 shipping joint venture will be formed with DryLog.
The asset divestment at the group level, announced by the company earlier this year, comes close on the heels of the conclusion of the $5.7 billion Essar Steel deal last week.
Essar Steel was acquired jointly by ArcelorMittal and Nippon