The News

ArcelorMittal and IMETAL Groups have defined an outline agreement for the restructuring of the shareholding companies ArcelorMittal Algeria, ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal Tebessa.

This restructuring is part of the Algerian Government’s commitment to the promotion and development of the domestic steel industry and contribute positively to its goal of promoting self-sufficiency in steel. This reconfiguration is also part of the optimization of the asset portfolio of ArcelorMittal.

In this configuration, ArcelorMittal will transfer its minority stakes in both companies ArcelorMittal and ArcelorMittal Tebessa Algeria and its majority stake in ArcelorMittal Pipes & Tubes Algeria to the Algerian party takes control thus fully these companies. In addition, ArcelorMittal will continue its technical assistance for successful development plan for El Hadjar complex.

The parties aim to finalize this agreement in the coming weeks. This agreement reinforces the Annaba development plan and mining in Tebessa and sustainability over the long term.

« We are pleased with this agreement with the Algerian government with whom we have excellent cooperation relations. This agreement enables ArcelorMittal Algeria, ArcelorMittal Pipes & Tubes Algeria ArcelorMittal Tebessa to play a key role in the development of the steel and mining industry. We are pleased to support the Algerian government to implement the plan in the interest of society and the country », said Davinder Chugh, Head office Member of ArcelorMittal Group and Director ACIS Segment of the World.

« This agreement will allow the Algerian party to have total control of the three companies ArcelorMittal Algeria, ArcelorMittal Pipes & Tubes Algeria and ArcelorMittal Tebessa in which facilitate decision making and mobilization of such funds to ensure the success of the revamping operation of industrial plants and restart in good conditions.

The agreement also will stabilize the social climate at the three companies to improve their profitability and safeguard jobs. » Said Mr Abdessalem Bouchouareb, Minister of Industry and Mines.

Finally, the two sides agreed to continue their collaboration as to ensure the success of the development plans of the three companies ArcelorMittal Algeria, ArcelorMittal Pipes & Tubes Algeria and ArcelorMittal Tebessa.