Luxembourg-based steelmaker ArcelorMittal has announced that it has completed the sale of its Kazakhstan-based subsidiary ArcelorMittal Temirtau to the Qazaqstan Investment Corporation, a state-controlled direct investment fund.
ArcelorMittal and the government of Kazakhstan had been in discussion for some months to agree on a sustainable path forward for ArcelorMittal Temirtau following a fire which occurred in August this year at the Kazakhstanskaya coal mine.
On closing the transaction, ArcelorMittal has received a consideration of $286 million and a further $250 million as repayment of outstanding intra-group dues.
ArcelorMittal owns 15 iron ore and coal mines in Kazakhstan.