Global leading steel maker, ArcelorMittal said on Thursday it has agreed to end its arbitration and litigation against the Czech Government and Nova Hut and Vitkovice Steel by acquiring 10.9 percent of its stake.
It will pay up to $339 million to the state and it will increase its stake in ArcelorMittal Ostrava for 83 percent as part of the settlement, The Company said.
“We are very pleased to have reached this agreement with the Czech Government, said Sudhir Maheshwari, Member of the Group Management Board at ArcelorMittal. It highlights the good relations between us and puts all past disputes behind us.”
Recently, the Company expects to raise $3.5 and $4 billion from the sale of common shares of 125.1 million at $22.77 per share as a public offering and $700 million notes due to May 15, 2014.
It also reported a quarterly loss of $1.06 billion in the three months ended March 31, compared with a $2.37 billion profit a year earlier. And revenue down 32 percent to $15.1 billion from $29.8 billion in the same period ago.
Shares of ArcelorMittal fell 6 cents to 2.44 percent at $27.21 in the regular trading.