Global steel producer ArcelorMittal has announced that it has reached an outline agreement with IMETAL, an Algerian state-owned company, for the restructuring of the shareholding of ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes Algeria, and ArcelorMittal Tébessa. The parties aim to finalize the agreement within the coming weeks. The agreement will reinforce the Annaba development plan and mining operations in Tebessa and will ensure their long-term sustainability.
The restructuring follows the strategy of the Algerian government to ensure the promotion and development of the national steel industry and to promote self-sufficiency in steel.
The restructuring plan will see ArcelorMittal transfer its minority shareholding in both ArcelorMittal Algeria and ArcelorMittal Tebessa as well as its majority participation in ArcelorMittal Pipes and Tubes Algeria, with the state of Algeria controlling the full shareholding of these entities. Furthermore, ArcelorMittal will continue its technical support for the successful implementation of El Hadjar Complex development plan.