ArcelorMittal turns off the coast of the stainless steel stainless steel unit
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The stainless steel sector has suffered significant overcapacity and the rising costs of materials such as iron ore, but no agreement could be reached with other producers such as ThyssenKrupp the Germany on a combination of assets. Industry was struck by the weakness of stainless steel prices and declining demand for the metal.
Shareholders of ArcelorMittal, steel maker the largest in the world, receives a share in stainless steel for each 20 they possess. The new company will be billion $ (￡ 634 m) debt on its balance sheet and ArcelorMittal have a load of 800 million after the transaction, flotation price will be below the carrying value of the operation.
Stainless steel is listed in Paris, Amsterdam and the Luxembourg and not of London, but the company has been historically listed in these jurisdictions.
He is currently based in the town of Luxembourg and was created in 2006 by the fusion of French and Arcelor Luxembourg with Mittal Steel-listed parent entered in Amsterdam.
The swarming following the collapse of extensive negotiations between major steelmakers on consolidation of firms in stainless steel. July Lakshmi Mittal, President and CEO of ArcelorMittal, said 'many years' negotiations between the producers had led to nothing.
The Mittal family will remain 40pc shareholders in the new company, in accordance with its shareholding in the parent company.
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