With the deal, ArcelorMittal now holds a 28.4% equity interest in the business. ArcelorMittal chief financial officer Genuino Magalhaes Christino and ArcelorMittal USA chief operating officer Keith Howell will become Vallourec directors. 

“Vallourec is well established as a producer of high-quality tubular products, holding a prime position in an attractive market segment that has potential for growth from new, clean energy markets. The strategic stake is a welcome addition to our investment portfolio, and we look forward to supporting Vallourec’s management team in their efforts to drive further performance improvement,” said ArcelorMittal chief executive officer Aditya Mittal. 

“It also supports our ongoing efforts to grow our business. The acquisitions we have made in recent years in Brazil and the U.S. are performing well and progress with our suite of organic growth projects continues apace, with several due to complete this year. These initiatives will significantly strengthen our business, expanding our product capabilities and emerging markets exposure while enhancing our earnings capacity,” Mittal added.