Lakshmi Mittal comments on transfer of ArcelorMittal Temirtau’s ownership to Kazakh Government
Lakshmi Mittal commented on the recent deal with the Kazakh Government that led to the acquisition of both ArcelorMittal Temirtau JSC and ArcelorMittal Tubular Products Aktau JSC by the Qazaqstan Investment Corporation (QIC), Kazinform News Agency cites the ArcelorMittal’s official website.
“We would like to take this opportunity to thank the employees of ArcelorMittal Temirtau for everything they have contributed over the past 28 years. While the business faced some serious challenges, there were also many notable achievements which should be a source of pride. ArcelorMittal Temirtau was a very valued part of ArcelorMittal, and we leave with respectful memories of Kazakhstan and all those who partnered with us,” Lakshmi Mittal, Executive Chairman, and Aditya Mittal, CEO, ArcelorMittal, said in a statement.
According to the company’s statement, the transaction is a result of many months of discussions aimed at fostering a stable and sustainable future for ArcelorMittal Temirtau.
The company is expected to undergo a rebranding and is set to operate under a new name, Qarmet.
Earlier it was reported that the Kazakh Government had acquired ArcelorMittal Temirtau for $286 million. Kazakhstani businessman Andrey Lavrentiev was named as a new investor of the company.
ArcelorMittal revealed on its official website that it had made a contribution of 16 billion tenge (approximately $35 million) to the Qazaqstan Halkyna Foundation.
The acquisition of ArcelorMittal Temirtau by the Kazakh Government happened on the heels of a fatal accident in late October in the Kostenko coalmine owned by ArcelorMittal Temirtau. On October 28, an explosion rocked the coalmine killing 46 miners sending shockwaves through Kazakhstan.
