ArcelorMittal SA: ArcelorMittal completes acquisition of strategic stake in Vallourec

August 6, 2024, 07:30 CET

ArcelorMittal announces today that, following the signing of the Share Purchase Agreement on 12 March 2024 and the approval of the relevant antitrust authorities and consents under foreign investment regulations, the Company has completed the acquisition of 65,243,206 shares, representing approximately USD 28.4 billion.¹% of the shares in Vallourec’s share capital, for a price of €14.64 per share, from funds managed by Apollo Global Management Inc., for a total amount of approximately €955 million, subject to successful completion of the settlement.

Upon completion of this transaction, the appointment of Mr. Genuino Magalhaes Christino (Chief Financial Officer of ArcelorMittal) as a director of Vallourec, Mr. Keith Howell (Chief Operating Officer of ArcelorMittal USA) as a director of Vallourec and Mr. Aditya Mittal as an observer of Vallourec will become effective, subject to the successful completion of the settlement.

ArcelorMittal does not intend to launch a tender offer for the remaining shares in Vallourec within the next six months and will inform the market if this intention changes.

Commenting on the event, Aditya Mittal, CEO, ArcelorMittal, said:

“Vallourec is well-known as a manufacturer of high-quality tubular products, occupying a leading position in an attractive market segment that has the potential to grow from new, clean energy markets. The strategic participation is a welcome addition to our investment portfolio and we look forward to supporting the Vallourec management team in their efforts to further improve performance.

“It also supports our ongoing efforts to grow our business. Acquisitions we have made in recent years in Brazil and the U.S. are performing well, and progress is ongoing on our pipeline of organic growth projects, with several due for completion this year. These initiatives will significantly strengthen our business, expanding our product capabilities and exposure to emerging markets, while also increasing our earning potential.”

ENDS

About ArcelorMittal

ArcelorMittal is one of the world’s leading integrated steel and mining companies, with a presence in 60 countries and major steel production facilities in 15 countries. It is the largest steel producer in Europe, one of the largest in the Americas, and has a growing presence in Asia, including India through its joint venture AM/NS India.

ArcelorMittal sells its products to a wide range of customers, including automotive, engineering, construction and machinery. In 2023, the company had revenues of $68.3 billion, produced 58.1 million tons of crude steel and 42 million tons of iron ore.

Our purpose is to produce smarter steels for people and the planet. Steels made using innovative processes that use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform this century. With steel at our core, our inventive people and an entrepreneurial culture at our heart, we will help the world make this change.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and the Spanish stock exchanges of Barcelona, ​​Bilbao, Madrid and Valencia (MTS). More information about ArcelorMittal can be found at: https://corporate.arcelormittal.com.

Contact details ArcelorMittal Investor Relations
General	+44 20 7543 1128
Retail sales	+44 20 3214 2893
SRI	+44 20 3214 2801
Bonds/Loans E-mail	+33 171 921 026 [email protected]
Contact details ArcelorMittal Corporate Communications
Paul Weighs Telephone: E-mail:	+44 20 3214 2419 [email protected]

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¹ Shares prior to conversion of preferred shares into common shares that will become the property of the Company upon completion of the Apollo Block Acquisition