ArcelorMittal gets EC nod to sell European steel assets to Liberty House, transaction closing before end of first half of this year

The company also bid to acquire debt-laden Essar Steel through an insolvency auction

Press Trust of India April 18, 2019 07:37:52 IST
ArcelorMittal gets EC nod to sell European steel assets to Liberty House, transaction closing before end of first half of this year
  • ArcelorMittal is the world's leading steel and mining company

  • It has a presence in 60 countries and an industrial footprint in 17 countries

  • The company has also bid to acquire debt-laden Essar Steel through an insolvency auction

New Delhi: Global steel giant ArcelorMittal Wednesday said it has received approval from the European Commission to sell steel-making assets in Europe to Liberty House.

"ArcelorMittal announces that it has received European Commission (EC) approval for the sale of several steel-making assets to Liberty House Group," NRI billionaire L N Mittal-led ArcelorMittal said in statement Wednesday.

ArcelorMittal gets EC nod to sell European steel assets to Liberty House transaction closing before end of first half of this year

L N Mittal, Chairman and CEO, ArcellorMittal.
Reuters

The assets included within the divestment package are ArcelorMittal Ostrava in Czech Republic, ArcelorMittal Galati in Romania, ArcelorMittal Skopje (Macedonia), ArcelorMittal Piombino (Italy), ArcelorMittal Dudelange (Luxembourg) and several finishing lines at ArcelorMittal Lige (Belgium), the Luxembourg-based company said.

It further said, "The transaction closing is anticipated to occur before the end of the first half of this year."

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 17 countries. The company has also bid to acquire debt-laden Essar Steel through an insolvency auction.

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