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ArcelorMittal gets European Commission nod to sell European steel assets to Liberty House

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 Li ge (Belgium)

twitter-logo PTI   New Delhi     Last Updated: April 18, 2019  | 08:06 IST
ArcelorMittal gets European Commission nod to sell European steel assets to Liberty House
ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 17 countries.

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.

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 Li ge (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.

Also read: Essar Steel insolvency case: Supreme Court stops ArcelorMittal's Rs 42,000 cr payment bid

Also read: NCLAT approves Essar Steel takeover bid by ArcelorMittal, directs NCLT to go ahead with Rs 42,000 cr payment

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