Algeria: State-Owned IMETAL Takes over ArcelorMittal’s Shares in Three Companies
Algerian public company IMETAL specialized in metal work and steel industry took control on Sunday of shares of Indian giant ArcelorMittal in ArcelorMittal Algérie (AMA,) ArcelorMittal Pipes and Tubes Algeria (AMPTA) and ArcelorMittal Tebessa (AMT,) reports say.
The deal has been in the pipeline since October last year. The Indian giant controlled 49 per cent of AMA and AMT, and 70 per cent of AMPTA.
The Sunday deal did not entail any financial transaction. It was done through mutual agreement, the Algerian minister of industry and mines, Abdesselam Bouchouareb, noted at the signing ceremony.
Bouchouareb also indicated that the move underlines the Algerian government’s determination to meet national steel demand.
The Algerian state has regained control of the El-Hadjar steel production complex as well as the Tebessa iron field both formerly exploited by the Indian giant.
IMETAL is state-control industrial group that produces and processes steel and executes engineering construction.