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ArcelorMittal SA Signs Strategic Agreement with Sider; Reduces Shareholding in ArcelorMittal Annaba and ArcelorMittal Tebessa to 49%

Sunday, 6 Oct 2013 08:00pm EDT 

ArcelorMittal SA announced that it signed a strategic agreement with Sider, an Algerian state-owned company, on October 5, 2013 that includes an investment plan of USD 763 million for the steel complex at Annaba and the mines in Ouenza and Boukhadra. The plan includes a project to more than double the steel plant’s production capacity from 1 million to 2.2 million tons a year by 2017. The plan will see ArcelorMittal SA reduce its shareholding in both ArcelorMittal Annaba and ArcelorMittal Tebessa to 49%, with the state of Algeria holding the remaining share of 51%. The investment plan will be funded by equity contributions from shareholders and bank financing. 

Company Quote

-0.018 -0.20%
24 Dec 2014