ArcelorMittal plans divestment of French businesses
LUXEMBOURG —World number-one steelmaker ArcelorMittal (ISPA.AS) is looking for a partner for one French subsidiary and is in discussions to sell another unit that operates largely in France, the company said on Friday.
ArcelorMittal said it was in talks with potential joint venture partners for SoluStil, which makes sheet steel for the aerospace, rail, agriculture and construction sectors and has 660 employees
ArcelorMittal was also in discussions about the possible sales of its Wire Solutions businesses, which makes fencing wire and nails and has 720 employees in France, along with some activities in Britain and Poland.
ArcelorMittal, listed on the Amsterdam stock exchange but with headquarters in Luxembourg, has 17,200 staff in France and 210,000 worldwide.
Earlier, French newspaper Le Figaro said parts of loss-making SoluStil may be acquired by affiliated Italian groups Cellino and CLN, while a buyer for Wire Solutions may be announced on July 7, with U.S. fund Oaktree (OAK.N) a leading contender.—Agencies