“Having carried out a successful restructuring in recent years, Vallourec presents a compelling opportunity to increase ArcelorMittal’s exposure to the attractive, downstream, value-added tubular market,” ArcelorMittal said in a statement.

“It is a global leader in premium tubular solutions for energy markets and demanding industrial applications, offering innovative, safe and competitive products for sectors including energy, automotive and construction.”

ArcelorMittal acquired 65.2 million the shares from funds managed by Apollo Global Management Inc., paying approximately EUR955.2 million, or EUR14.64 per share. 

The deal, which is pending regulatory approval, is to close in the second half of this year.