ArcelorMittal, the world's largest steelmaker has spun off of the company's stainless steel and speciality steels business into a newly created company Aperam, in order to unlock value for shareholders.
''The extraordinary general meeting (EGM) of shareholders of ArcelorMittal held today….. approved the spin-off of ArcelorMittal's stainless and specialty steels business into Aperam, a newly created company,'' said the Luxembourg -based steel giant in a statement.
The spin-off was approved on 25 January by the company's shareholders in the EGM by an overwhelming majority, the company said.
Aperam, which makes up about five per cent of ArcelorMittal's earnings before interest, taxes, depreciation and amortisation, (Ebitda), will be listed on the Amsterdam, Paris and Luxembourg stock exchanges.
ArcelorMittal shareholders will receive one share in Aperam for every 20 ArcelorMittal shares.
ArcelorMittal's stainless steel division accounts for over 70 million tonnes of crude steel production, representing about 8 per cent of world steel output. For 2009, this division reported sales of $4.2 billion.
Aperam, which will also be based in Luxembourg, is the world's fifth biggest maker of stainless steel having a strong market position in South America and Europe and production facilities in Brazil, Belgium and France.