Arcelor forecasts €550 million from sell offs by year end

Arcelor forecasts €550 million from sell offs by year end

Recent reports from the industry reveal that this year Arcelor expects to gain minimum €550 million from selling off certain facilities including those under the framework of the requirements brought by the European Commission at the stage of its formation by merging Aceralia, Usinor and Arbed. According to a company official, €150 million of this amount is expected to be gained by selling out facilities under the requirements which is nearly completed except for Arcelor's stake in Arvedi hot dipped galvanized line, whereas minimum €400 million is expected to be earned by sell off of three more businesses. The officials also declare that these operations are the group's small welded tubes unit, which received two offers from Spanish Condesa and Turkish Borusan to be currently reviewed, PUM plastiques and 50% shares in a raw material trading company.