Following the completion of the Ilva acquisition, on Thursday 1 November, ArcelorMittal – the world's leading steel and mining company present in 60 countries – reached an agreement with Liberty House for the acquisition of ArcelorMittal Dudelange in Luxembourg and the finishing line of ArcelorMittal in Liège in Belgium: hot-dip galvanizing lines 4 and 5 in Flemmalle; of hot pickling, cold rolling and tin packaging at Tilleur.
This was announced by ArcelorMittal in a note, explaining that the assets are part of the measures that the company has agreed with the European Commission following the acquisition of Ilva. The closing is subject to the completion of the Ilva purchase, corporate approval, authorization from the European Union and consultations with local trade unions and the European Work Council.
The Company received an offer relating to the entire package which had to be sold in compliance with the commitments with Europe. By accepting Liberty House's binding offer, the company met the EU's preferences to identify a single buyer for all the sites to be divested which are ArcelorMittal Ostrava (Czech Republic), ArcelorMittal Galati (Romania), ArcelorMittal Skopje (Macedonia ), ArcelorMittal Piombino (Italy) and ArcelorMittal Dudelange (Luxembourg) and the finishing lines of ArcelorMittal Liège (Belgium).
Also released on Thursday were i ArcelorMittal quarterly data which closed the third quarter with a declining net profit and below analysts' estimates due to a significant reduction in steel shipments (-5,5% on the previous quarter and -5,4% on the same quarter of 2017) and for the negative effects of exchange.
The global steel giant reported net income of $899 million, down from both $1,9 billion in the previous quarter and $200 billion in the same period in 2017.
Revenues and EBITDA, on the other hand, reported an improvement compared to the same period of 2017. The former reached 18,522 billion (there were 17,639 billion in the third quarter of 2017) while the EBITDA reached 2,729 billion compared to 1,924 billion in the same period quarter of 2017.
