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ArcelorMittal sells assets in Kazakhstan for 265 million to the state fund QIC

MADRID, 8 Dic.

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ArcelorMittal sells assets in Kazakhstan for 265 million to the state fund QIC

MADRID, 8 Dic. (EUROPA PRESS) -

Steel group ArcelorMittal has completed the sale of ArcelorMittal Temirtau, its mining and steel operation in Kazakhstan, to the state-controlled Qazaqstan Investment Corporation (QIC), the company said.

Under the terms of the transaction, ArcelorMittal received consideration of $286 million (€265 million) at closing and another $250 million (€232 million) as payment for outstanding intragroup dues.

ArcelorMittal will also receive an additional payment guaranteed by the sovereign fund of 450 million dollars (417 million euros), payable in four equal annual installments, as payment for an intra-group loan.

Thus, all assets of ArcelorMittal Temirtau have been transferred "as is", meaning that QIC has assumed control and responsibility for the operations of ArcelorMittal Temirtau, whose name will change.

At the end of October, ArcelorMittal confirmed that following discussions that had been held "for months" with the Government of Kazakhstan, a preliminary agreement had been reached to transfer ownership of ArcelorMittal Temirtau to the Republic of Kazakhstan.