The world's largest steelmaker Luxembourg-based ArcelorMittal has announced that the extraordinary general meeting of shareholders held on January 25 has approved the spin-off of ArcelorMittal's stainless and specialty steels business into Aperam, which "the company believes will maximize value for shareholders."
In order for ArcelorMittal shareholders to receive Aperam shares as a result of the approved spin-off, shareholders must hold ArcelorMittal shares on the date of record of January 28, 2011.
As SteelOrbis previously reported, ArcelorMittal had announced the spin-off decision in December 2010. The company expects the spin-off to result in a non-cash impairment charge of about $800 million.
Meanwhile, at the general meeting it was decided that François Pinault will step down from his position as a member of the board of directors effective as of January 26. Shareholders also approved the appointment of Mrs. Suzanne Nimocks, 51, to the board of directors.