Latest news with #PavgordGroup
Yahoo
23-06-2025
- Business
- Yahoo
ArcelorMittal to sell Bosnian steel plant and mining business to Pavgord Group
ArcelorMittal has entered into a sale and purchase agreement to divest its operations in Bosnia and Herzegovina to Pavgord Group. The divesture will include the integrated steel plant, ArcelorMittal Zenica, and the iron ore mining business ArcelorMittal Prijedor, which supplies the Zenica plant. Despite substantial investments to maintain the Bosnian entities within the group, ArcelorMittal concluded that selling them would be the most beneficial move for their continued development and the welfare of the workforce. The employees of both ArcelorMittal Zenica and ArcelorMittal Prijedor will retain their positions under the new ownership. The financial impact of the transaction will result in ArcelorMittal recording a non-cash loss on disposal of approximately $200m (€173.95m). This figure includes foreign exchange losses that have been accumulating in equity since the initial acquisition of the businesses. The completion of the sale is anticipated in the third quarter of 2025, contingent upon obtaining merger control clearance and satisfying all conditions precedent. Operations will continue without interruption until the deal is finalised, supported by the local and company leadership teams. ArcelorMittal vice-president and ArcelorMittal Europe – Long Products CEO Sanjay Samaddar said: 'ArcelorMittal acknowledges the support of the Government of Bosnia and Herzegovina, and the Government of the Federation and Republika Srpska, during the 21 years that the company has been operating in the country. 'We believe the company will continue to be a major contributor to the economy of Bosnia and Herzegovina. We thank all our employees at ArcelorMittal Zenica and ArcelorMittal Prijedor for their hard work and passionate engagement during all these years and wish them all the best for the future, as well as to Pavgord Group in this new phase.' In a related development, ArcelorMittal South Africa is in talks with the government and other stakeholders over financial support that could delay the planned shutdown of its long steel business. The closure, initially scheduled for April, threatens 3,500 jobs and could disrupt several industries, following unsuccessful negotiations with the government and challenges such as weak demand and infrastructure problems. "ArcelorMittal to sell Bosnian steel plant and mining business to Pavgord Group" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21-06-2025
- Business
- Yahoo
ArcelorMittal announces agreement to sell Bosnian operations
ArcelorMittal (MT) signed a sale and purchase agreement to sell its operations in Bosnia and Herzegovina. ArcelorMittal Zenica, an integrated steel plant, and ArcelorMittal Prijedor, an iron ore mining business which supplies the Zenica plant, will be sold to Pavgord Group. The company has made considerable investments and efforts to keep ArcelorMittal Zenica and ArcelorMittal Prijedor within the group. However, after a thorough strategic review, the company concluded that a sale is the best solution for the development of the business and its people. Under the terms of the transaction, ArcelorMittal's shares in ArcelorMittal Zenica and ArcelorMittal Prijedor will be sold to Pavgord Group, and all employees' jobs are transferred to the new owner. Net of sale proceeds, the company expects to record a non-cash loss on disposal of approximately $0.2B. The deal is expected to close in the third quarter of 2025, subject to merger control clearance and the fulfilment of all conditions precedent. Until then, all operations of the company will continue as usual, with the full support of the local management team and the company leadership team. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on MT: Disclaimer & DisclosureReport an Issue Canada imposes steel, aluminum tariffs to curb imports, FT reports ArcelorMittal's Strategic Growth and Expansion in the US Market: A Buy Recommendation Trump Trade: U.S. President says China getting 10% tariffs in 'done' deal U.S., Mexico near deal to remove 50% steel tariffs, Bloomberg reports Trump to increase steel tariffs to 50% from 25%, Bloomberg reports Sign in to access your portfolio
Yahoo
20-06-2025
- Business
- Yahoo
ArcelorMittal signs deal to sell its steel mill and iron ore mine in Bosnia
SARAJEVO (Reuters) -ArcelorMittal, the world's second-largest steelmaker, signed a deal on Friday to sell its steel mill and iron ore mine in Bosnia and Herzegovina to the Bosnia-based Pavgord Group, the company said in a statement. The completion of the deal is planned for the third quarter of 2025, after all conditions for its implementation have been fulfilled, the company said. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
20-06-2025
- Business
- Reuters
ArcelorMittal signs deal to sell its steel mill and iron ore mine in Bosnia
SARAJEVO, June 20 (Reuters) - ArcelorMittal, the world's second-largest steelmaker, signed a deal on Friday to sell its steel mill and iron ore mine in Bosnia and Herzegovina to the Bosnia-based Pavgord Group, the company said in a statement. The completion of the deal is planned for the third quarter of 2025, after all conditions for its implementation have been fulfilled, the company said.
