Luxembourg, 15 December 2008 – ArcelorMittal announces it has entered into binding agreements to reduce its economic and voting interest in Dillinger Hütte from 51.25% to 33.4% in line with existing governance rights through sale of shares to Struktur-Holding-Stahl GmbH & Co. KG aA and Dillinger Hütte Saarstahl AG. The combined proceeds from the transaction, comprising sale of shares and the dividend proposed for the year 2008, amount to Euro 777 million (US$ 1 billion). The sale price corresponds to an estimated total enterprise value of the company of US$ 2.6 billion.
Dillinger Hütte is one of the leading plate mills in Europe, based in Saarland, Germany. The bulk of its production is delivered to the energy sector. In 2007 Dillinger Hütte shipped approximately 2.3 million tonnes of heavy plate. The company currently employs 5,230 staff.
"We have chosen to optimise our stake in Dillinger Hütte in order to bring our economic and voting rights in-line with our existing governance rights in the company. We will continue to be a key industrial partner to Dillinger Hütte," commented Michel Wurth, member of ArcelorMittal Group Management Board.
ArcelorMittal is the world's leading integrated steel and mining company, with a presence in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and well-being of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment. It takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2012, ArcelorMittal had revenues of $84.2 billion and crude steel production of 88.2 million tonnes, representing approximately 6 percent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit: www.arcelormittal.com.
Back to press releases