ArcelorMittal has announced the successful completion of a secondary share offering in France-based pipe producer Vallourec, selling approximately 23.9 million shares representing around 10 percent of Vallourec’s outstanding share capital.
The shares were sold through an accelerated bookbuilding process to institutional investors at a price of €24.00 per share. According to the company, the transaction generated gross proceeds of approximately $667 million. Following completion of the transaction, ArcelorMittal will retain approximately 17.3 percent of Vallourec’s share capital.
Lock-up agreement announced
Settlement of the offering is expected to take place on or around May 21, 2026. ArcelorMittal has agreed to a 90-day lock-up period covering its remaining Vallourec stake following settlement, subject to customary exceptions.
According to ArcelorMittal, the transaction is consistent with its broader strategy of investing in high-return opportunities aimed at strengthening the long-term resilience and quality of its business portfolio.
The company originally acquired its stake in Vallourec in 2024 and stated that it continues to view Vallourec as a high-quality business with a strong market position.