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.

About ArcelorMittal

ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 15 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2023 generated revenues of $68.3 billion, produced 58.1 million metric tonnes of crude steel and, 42.0 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

http://corporate.arcelormittal.com/
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