Arcelor inks deal with CST shareholders
According to the statement released by
Luxembourg-based steel producer Arcelor, the company has signed an agreement with Brazilian company Companhia Siderurgica de Tubarão's (CST) shareholders, including California Steel Industries (CSI), JFE Steel Corp and the other Japanese shareholders in order to increase its shares in the Brazilian producer.
According to the deal signed, CSI, JFE Steel and the other Japanese shareholders waived their rights of first refusal under the CST Shareholders Agreement as of October 14, 2004.
Moreover, the subject shareholders also granted Arcelor an option to purchase their stakes in the Brazilian producer. However, the option may be exercised after the CST Shareholders Agreement is terminated, which is between May 26, 2005 and June 25, 2005.