ArcelorMittal South Africa to sell stake in Macsteel, shares rise [Reuters]
Arcelor Mittal NY Registry Shares NEW (MT)
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Source: Reuters
ArcelorMittal South Africa to sell stake in Macsteel, shares rise | Reuters Reuters Staff 2 Min Read JOHANNESBURG, May 28 (Reuters) - ArcelorMittal’s South Africa unit 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 steel maker said on Monday. “The proceeds of the sale will significantly strengthen the balance sheet of ArcelorMittal South Africa and will be used to fund working capital requirements and investments in the operating businesses,” ArcelorMittal SA Chief Executive Kobus Verster said in a statement. The company’s share price rose more than 24 percent at one point on the news before ending 5.4 percent higher. MacHold already holds a 50 percent stake in MIHBV, which is engaged in steel trading and shipping. The other 50 percent is held by ArcelorMittal SA. “In the early years, most of the steel for the joint venture was sourced from ArcelorMittal South Africa. Today,
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News
- ArcelorMittal S.A.: ArcelorMittal announces the publication of its first quarter 2024 sell-side analyst consensus figuresGlobeNewswire
- ArcelorMittal S.A.: ArcelorMittal publishes its 2023 Integrated Annual ReviewGlobeNewswire
- U.S. Department of Energy announces financial support for ArcelorMittal's anticipated World-Class Electrical Steel facility in Alabama [Yahoo! Finance]Yahoo! Finance
- ArcelorMittal S.A. (NYSE: MT) had its "hold" rating re-affirmed by analysts at Deutsche Bank Aktiengesellschaft. They now have a $31.00 price target on the stock, down previously from $34.00.MarketBeat
- ArcelorMittal's Irina Gorbounova Joins CHAR Tech Board of Directors [Yahoo! Finance]Yahoo! Finance
MT
Earnings
- 2/8/24 - Beat
MT
Sec Filings
- 4/23/24 - Form 6-K
- 4/10/24 - Form 6-K
- 4/8/24 - Form F-3ASR
- MT's page on the SEC website