News Formal

ArcelorMittal sells 50% stake in its shipping business

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 19 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 63%

South Africa News News

The world’s largest steelmaker plans to offload more assets to reduce its debt to below $7bn

Brussels — ArcelorMittal, the world’s largest steelmaker, has agreed to sell a 50% stake in its shipping business, the first step in its plan to offload $2bn worth of assets by the middle of 2021 to reduce its debt

The company, which had net debt of $10.7bn at the end of September, said on Monday that the sale of the stake in Global Chartering to DryLog would cut its debt by $530m. It has a target to pull it below $7bn.GCL operates 28 dry cargo vessels, 25 of which are on long-term leases with three owned outright, and will continue to handle a share of ArcelorMittal’s shipments.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

ArcelorMittal sells 50% stake in its shipping businessThe world’s largest steelmaker plans to offload more assets to reduce its debt to below $7bn
Source: BDliveSA - 🏆 12. / 63 Read more »

ArcelorMittal sells 50% stake in its shipping businessThe world’s largest steelmaker plans to offload more assets to reduce its debt to below $7bn
Source: BDliveSA - 🏆 12. / 63 Read more »