The ArcelorMittal group in South Africa will sell its 50 percent stake in trading and shipping company MIHBV to its joint venture partner Macsteel Holdings Luxembourg (MacHold) for $ 220 million, the steelmaker said this week. The company's share price rose more than 24 percent.
“The proceeds from the sale will significantly strengthen ArcelorMittal's balance sheet in South Africa and will be used to fund working capital needs and investments in existing plants,” Cobus Verster, CEO of ArcelorMittal SA, said in a statement.
MacHold already owns a 50 percent stake in MIHBV, which is involved in the steel and shipping trade. The remaining 50 percent is owned by ArcelorMittal SA.
“In the early years, most of the joint venture steel was produced by ArcelorMittal in South Africa. Today, while it remains an important source of steel products, ArcelorMittal SA provides less than 20 percent of the total tonnage sold and less than 2 percent of the volume shipped by MIHBV, ”said Verster.
“Investments are no longer considered a major asset and we decided to get rid of our interests,” he said.
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