ALGERIAN STATE-OWNED GROUP ACQUIRES STAKES IN COMPANIES HELD BY ARCELORMITTAL

ALGIERS, -- The Algerian public group IMETAL and the international iron and steel group ArcelorMittal have signed the final agreement on the complete transfer to IMETAL of the shares held by ArcelorMittal in ArcelorMittal Algeria (AMA), ArcelorMittal Pipes and Tubes Algeria (AMPTA) and ArcelorMittal Tebessa (AMT).

The agreement was signed hre Sunday by the chief executive officer of IMETAL, Ahmed Yazid Touati, and the representative of ArcelorMittal, Ramesh Kothari.

Previously, ArcelorMittal owned 49 per cent of the shares of AMA and AMT and 70 per cent of AMPTA's. The national group IMETAL now holds the entire share capital of those three companies.

AMA has been renamed SIDER El Hadjar, AMPTA becomes SIDER TSS, and AMT becomes East Iron Mines (MFE SPA).

"These companies have become today completely national," said Minister of Industry and Mining Abdesselam Bouchouareb, who added that the agreement aimed at promoting the country's self-sufficiency in steel.

The minister underlined that the share transfer operation was free of charge.

Source: Name News Network