ArcelorMittal to buy steelmaker Brazil's CSP for $2.2 bln from Vale, Posco, Dongkuk (updated)

Dongkuk Holdings Co

28/07/2022 12:30

(Adds detail, context)
    SAO PAULO, July 28 (Reuters) - ArcelorMittal SA  MT.LU  has
signed a binding agreement to buy  Brazilian steelmaker
Companhia Siderurgica do Pecem (CSP) from Vale SA  VALE3.SA  and
its other key stakeholders, Vale said in a securities filing
Thursday.
    The deal has an enterprise value of $2.2 billion, according
to the filing, and would see Vale sell its 50% stake in CSP,
alongside the 30% stake owned by Dongkuk Steel Mill Co Ltd
 001230.KS  and Posco Holding Inc's  005490.KS  20% stake.
    Founded in 2008, CSP is located in the northeastern
Brazilian state of Ceara and has an annual capacity of 3 million
tonnes of steel slabs.
    "This transaction reinforces Vale's strategy of portfolio
simplification, focusing on its core businesses and growth
opportunities," Vale said in the filing.
    The deal is subject to the usual corporate and regulatory
approvals, it added.

 (Reporting by Gabriel Araujo, Editing by Isabel Woodford and
Susan Fenton)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5644 7745;))