Arcelor sells its subsidiary Thainox
According to the statement released from Luxembourg based Arcelor, the company has sold its entire stake in Thai mill Thainox Steel to Prayudh Mahagitsiri, who is founder and chairman of board Thainox. Arcelor's stake in Thainox was 96%. However, despite the sale of the stakes, Thainox will continue to export through Arcelor's global stainless steel sales network. With this sale, together with the sale of J&L Specialty Steel to Allegheny Technologies Incorporated on January 17, 2004, Arcelor will be able to refocus on its stainless steel business.Arcelor sells its subsidiary Thainox
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