ArcelorMittal, the world's largest integrated metals and mining company, has announced that it has entered into binding agreements to reduce its economic and voting interest in Germany-based plate producer Dillinger Hütte from 51.25 percent to 33.4 percent through sale of shares to Struktur-Holding-Stahl GmbH & Co. KG aA and Dillinger Hütte Saarstahl AG. for a total of €777 million ($1 billion).
The sale price of the Dillinger Hütte shares corresponded to an estimated total enterprise value of the company of $2.6 billion.
Commenting on the stake reduction, ArcelorMittal Group Management Board's member Michel Wurth commented, "We have chosen to optimize our stake in Dillinger Hütte in order to bring our economic and voting rights in-line with our existing governance rights in the company. We will continue to be a key industrial partner to Dillinger Hütte."
Dillinger Hütte is one of the leading plate mills in Europe, employing 5,230 staff. In 2007 the mill shipped about 2.3 million mt of heavy plate.