ArcelorMittal SA plans to sell its 50% interest in Netherlands-based Macsteel International Holdings for R2.8bn as SA’s largest steel maker seeks to strengthen its balance sheet and fund investments. A subsidiary of Macsteel Holdings Luxembourg (MacHold) will buy ArcelorMittal SA’s interest in Macsteel International Holdings. Macsteel International Holdings is 50% held by MacHold and 50% held by MSSA Investments, a wholly owned subsidiary of ArcelorMittal SA in the Netherlands that engages in steel trading and shipping. "The proceeds of the sale will … strengthen the balance sheet of ArcelorMittal SA and will be used to fund working capital requirements and investments in the operating businesses," Kobus Verster, ArcelorMittal SA CEO, said on Monday. "In the early years, most of the steel for the joint venture was sourced from ArcelorMittal SA," he said. "Today, while it remains an important source of steel products, ArcelorMittal SA supplies less than 20% of the total tonnages trad...
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