ArcelorMit­tal plans di­vest­ment of French busi­nesses

Pakistan Observer - - ECONOMY WATCH -

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

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.