Arcelor sells three more facilities

Arcelor sells three more facilities

Under the requirements of EU Commission at the stage of the merger of Aceralia of Spain, Usinor of France and Arbed of Luxembourg to create European steel maker Arcelor, the company undertook to close down a certain capacity of its plants. As a result of the strategic studies in this respect, Arcelor announced that it has agreed to sell its 50% stake at the coating plant Lusosider in Portugal, to Russian mill Severstal, and its 66.6% stake at the hot dipped galvanised plant Segal in Spain to Japanese Marubeni Itochu. Such sales of Arcelor received approval from the Commission and same wil soon be concluded unless any problems arise from Corus side, the company that holds the remaining stakes of the aforementioned plants. Furthermore, Arcelor also concluded to sell its 100% stake at French service centre Cofrafer to Bamesa Aceros.Arcelor previously sold its 49% stake at Bamesa to Turkish Borusan and to Armasfi. According to reports, Arcelor is given a six months of extension to divest its 100% stake at the hot dipped galvanised line LDD in Luxembourg stake and three months extension to sell its 39.9% Italian Finaverdi.