ArcelorMittal Acquires Czech Government's Stake in Its Steel Mill

ArcelorMittal and the Czech Government today agreed to resolve all pending arbitration and litigation regarding the privatisation of Nova Hut and Vitkovice Steel. The parties agreed to the following:

• ArcelorMittal agreed to an amicable settlement of all pending litigation and arbitration cases against the Czech Government and its related entities
• ArcelorMittal will increase its stake in ArcelorMittal Ostrava to approximately 83% by acquiring a 10.9% stake held by the Czech Government for approximately $339m at current exchange rate. The consideration will be payable over a period of time as agreed between the parties
• As a part of the overall settlement agreement, ArcelorMittal Ostrava concluded a long term supply agreement for hot metal to Evraz Vitkovice Steel

Sudhir Maheshwari, Member of the Group Management Board at ArcelorMittal, said: "We are very pleased to have reached this agreement with the Czech Government. It highlights the good relations between us and puts all past disputes behind us."

"ArcelorMittal is committed to continuing as one of the largest foreign investors in the Czech Republic and maintaining its position as an outstanding corporate citizen," added Sanjay Samaddar, CEO and Chairman of ArcelorMittal Ostrava.