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ArcelorMittal to Acquire Minority Shareholding in ArcelorMittal Ostrava

06/14/2010 - ArcelorMittal Ostrava shareholders agree at an Extraordinary General Meeting to ArcelorMittal acquiring the remaining 3.57% of the company's shares that it does not already own.

ArcelorMittal Ostrava a.s. shareholders agreed at an Extraordinary General Meeting that ArcelorMittal would acquire the 3.57% of the company's shares that it does not already own.
 
The 4,000 CZK per share being offered by ArcelorMittal is based on an independent expert valuation conducted by PriceWaterhouseCoopers Ceska republika and was agreed to be fair by the Board of Directors of ArcelorMittal Ostrava a.s. The total consideration for the minority share will be 1,769,648,000 CZK (approximately 82 million USD) and will be paid to the relevant shareholders later this year.
 
ArcelorMittal increased its stake in ArcelorMittal Ostrava a.s. to 96.43% in January 2010, thereby enabling it to exercise its right to acquire all outstanding shares in ArcelorMittal Ostrava a.s., as provided under the Czech Commercial Code.
 
ArcelorMittal is the world's largest steel company, with operations in more than 60 countries. The company leads major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks.
 
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. In 2009, ArcelorMittal had revenues of $65.1 billion and crude steel production of 73.2 million tonnes, representing approximately 8% of world steel output.