Business Standard

Monday, December 23, 2024 | 08:44 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

ArcelorMittal signs deal for sale of 50% shipping biz stake to pare debt

ArcelorMittal's equity contribution, however, works out to around $1.14 billion, which is likely to be the net debt at the group level.

ArcelorMittal
Premium

ArcelorMittal

Ishita Ayan Dutt Kolkata
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

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in