ArcelorMittal’s sale of 50% of its shipping business to Peter Livanos-backed DryLog will reduce the steel and mining giant's net debt by $530m.
Some $400m is due on completion and a further $130m due in early 2020, the steel and mining company said.
The financial details come after last week’s announcement that ArcelorMittal is selling 50% stake of wholly-owned shipping division Global Chartering Ltd (GCL) to DryLog, with whom it will subsequently form a joint-venture.
