Indigo Division
ArcelorMittal (NYSE:MT) said Friday it sold its Temirtau steel and mining operation to the Kazakh state investment fund for $286M, in a deal that transfers ownership of its assets back to the government.
The company said the deal includes an additional $700M as a repayment of outstanding intra-group debt.
The Kazakhstan government had nationalized the local ArcelorMittal (MT) unit in October after a fire at a coal mine killed 46 people, which was the latest in a string of workplace deaths at sites operated by the company.
The Temirtau assets were valued by ArcelorMittal (MT) at $1.8B as of September 30, according to the company's latest financial report.