ArcelorMittal shares rise 8% after sale of its half of Macsteel
ArcelorMittal says in the early years of the joint venture, it supplied most of the steel sold by Macsteel's South African operations, but this has fallen to less than 20%
ArcelorMittal SA's share price jumped 8.42% on Monday morning after it announced the R3.2bn sale of its Macsteel joint venture. In May, ArcelorMittal SA said it was in negotiations with Luxembourg-based Macsteel to sell its half of its South African business. On Monday morning, ArcelorMittal SA issued a statement saying the deal would proceed, with Macsteel agreeing to pay it $220m — equating to R3.16bn at the R14.37/$ exchange rate at 11.40am on Monday morning — plus interest. ArcelorMittal's share price jumped to R4.25 "This marks a significant milestone for the company in achieving its objectives," ArcelorMittal SA said. The funds will be used to reduce debt, helping the steel maker “in achieving its goal to be a sustainable and profitable company”. When announcing the proposed sale in May, ArcelorMittal SA said that in the early years of the joint-venture's existence, it supplied most of the steel sold by Macsteel's South African operations. This had fallen to less than 20%, Arc...
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