Picture: REUTERS
Picture: REUTERS

Brussels — ArcelorMittal, the world’s largest steelmaker, has agreed to sell a 50% stake in its shipping business, the first step in its plan to offload $2bn worth of assets by the middle of 2021 to reduce its debt

The company, which had net debt of $10.7bn at the end of September, said on Monday that the sale of the stake in Global Chartering (GCL) to DryLog would cut its debt by $530m. It has a target to pull it below $7bn.

ArcelorMittal said it expects to close the deal before the end of 2019.

GCL operates 28 dry cargo vessels, 25 of which are on long-term leases with three owned outright, and will continue to handle a share of ArcelorMittal’s shipments.