(BRIEF) ArcelorMittal has effectively completed the sale of its mining and metals business in Kazakhstan, ArcelorMittal Temirtau, to Qazaqstan Investment Corporation (QIC), a state-controlled direct investment fund. The transaction has a total value of $986 million, totaling $286 million. million dollars at closing, 250 million dollars for the reimbursement of unpaid intra-group contributions and another 450 million dollars guaranteed through the sovereign wealth fund, to be paid in 4 equivalent annual installments. All of ArcelorMittal Temirtau’s assets have been transferred to QIC in a “that’s right” operating base and the company will be renamed under a new owner. In addition, ArcelorMittal has made a charitable donation of approximately $35 million to Kazakhstan’s Khalkyna Foundation for physical education and education projects in the Karaganda region.
(PRESS RELEASE) LUXEMBOURG, December 9, 2023 — /EuropaWire/ — ArcelorMittal (“the Company”) announces that it has completed the sale of ArcelorMittal Temirtau, its mining and metallurgical operations in Kazakhstan, to Qazaqstan Investment Corporation (“QIC”). ) a direct investment fund controlled through the State.
ArcelorMittal and the government of Kazakhstan had been in talks for some months to agree on a sustainable path for the embedded metal asset in the Karaganda region.
Under the terms of the transaction, upon closing, ArcelorMittal obtained $286 million in attention and another $250 million as reimbursement of unpaid intra-group contributions. ArcelorMittal will also get an additional payment guaranteed through the sovereign wealth fund of $450 million, paid in 4 equivalent annual installments, from an intra-group loan.
All of ArcelorMittal Temirtau’s assets (see the Company’s consolidated monetary statements and third quarter 2023 results release) have been transferred on an “as is” basis, meaning that QIC has now assumed responsibility for ArcelorMittal Temirtau’s operations. , which will be renamed
ArcelorMittal has also made a donation of approximately $35 million to the Kazakhstan Khalkyna Foundation, focused on healthcare and education projects in the Karaganda region.
About ArcelorMittal
ArcelorMittal is the world leader in metals and mining, with a presence in 60 countries and number one in metals production facilities in 16 countries. In 2022, ArcelorMittal made a profit of $79. 8 billion and crude metal production of 59. 0 million tons, while iron ore production reached 45. 3 million tons. metric. Our goal is to produce increasingly smarter metals that have positive benefits for people and the planet. Steels manufactured using state-of-the-art processes that consume less energy, emit much less carbon and reduce costs. Cleaner, more powerful and reusable metals. Steels for electric cars and renewable energy infrastructure that will help societies in their transformation throughout this century. With metal at our heart, our creative people and a business culture at our heart, we will help the world make this change. This is what we need to become the metallurgical company of the future. ArcelorMittal is indexed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal, visit: http://corporate. arcelormittal. com/
http://corporate.arcelormittal.com/
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SOURCE: ArcelorMittal
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