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 the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 18 countries. In 2019, ArcelorMittal had revenues of $70.6 billion and crude steel production of 89.8 million metric tonnes, while iron ore production reached 57.1 million metric tonnes. Our goal is to help build a better world with smarter steels. 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 electric vehicles and 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. This is what we believe it takes to be the steel company of the future. 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). For more information about ArcelorMittal please visit: http://corporate.arcelormittal.com/

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