By Jeffrey T. Lewis

SAO PAULO--Vale SA said Thursday evening that it and its partners sold their stakes in steelmaker Companhia Siderurgica do Pecem, or CSP, to ArcelorMittal.

The sale has an enterprise value of $2.2 billion, which will be used to prepay CSP's outstanding net debt balance of $2.3 billion, Vale said.

Iron-ore miner Vale owned 50% of the company, with South Korea's Dongkuk Steel Mill Co., Ltd. owning 30% and Posco Holding Inc. holding the remaining 20% of CSP.

The sale is part of Vale's efforts to simplify its portfolio and focus on its core businesses, the Brazilian company said.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

March 10, 2023 06:29 ET (11:29 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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