{"id":94899,"date":"2023-12-08T21:08:16","date_gmt":"2023-12-08T20:08:16","guid":{"rendered":"https:\/\/efecomunica.efe.com\/?p=94899"},"modified":"2023-12-09T09:28:18","modified_gmt":"2023-12-09T08:28:18","slug":"kazakhstan-closes-deal-to-nationalize-arcelormittal-tamirtau-for-us286-million","status":"publish","type":"post","link":"https:\/\/efecomunica.efe.com\/en\/kazakhstan-closes-deal-to-nationalize-arcelormittal-tamirtau-for-us286-million\/","title":{"rendered":"Kazakhstan closes deal to nationalize ArcelorMittal Tamirtau for US$286 million"},"content":{"rendered":"<p>Astana, Dec 8 (EFE).- <strong>Kazakhstan<\/strong> has concluded the process of <strong>nationalizing<\/strong> the assets of <strong>ArcelorMittal Tamirtau (AMT)<\/strong> with an agreement that includes the payment of <strong>$286 million<\/strong>, the Kazakh Ministry of Industry and Construction announced Friday.<\/p>\n<p>The transaction includes all shares of the metallurgical companies <strong>ArcelorMittal Temirtau JSC and ArcelorMittal Tubular Products Aktau JSC<\/strong>, which are to be owned by the state-owned direct investment fund <strong>Qazaqstan Investment Corporation (QIC).<\/strong><\/p>\n<blockquote><p>&#8220;During negotiations, ArcelorMittal initially asked for $3.5 billion, which did not correspond to the estimates from international consultants. That was one of the main reasons for the protracted negotiation process,&#8221; Kazakhstan&#8217;s Minister of Industries and Construction, Kanat Sharlapaev, told reporters.<\/p><\/blockquote>\n<p><strong>Following the October 28 accident at the AMT-owned Kostenko<\/strong> mine that killed 45 people, <strong>Kazakh President Kassym-Jomart Tokayev<\/strong> ordered the government to immediately suspend cooperation with ArcelorMittal Temirtau.<\/p>\n<p>Kazakh authorities had earlier accused the company owned by steel giant ArcelorMittal of r<strong>eneging on its commitments to modernize infrastructure<\/strong> following several accidents at its facilities that claimed the lives of dozens of workers.<\/p>\n<blockquote><p>&#8220;The agreement between the Government of Kazakhstan to ArcelorMittal can be called a mega-deal, as it is of extraordinary importance for our country,&#8221; Sharlapaev said Friday, stressing that with it &#8220;numerous risks have been avoided.&#8221;<\/p><\/blockquote>\n<p>The minister also stressed that the agreement includes ArcelorMittal&#8217;s waiver of any further claims. EFE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Astana, Dec 8 (EFE).- Kazakhstan has concluded the process of nationalizing the assets of ArcelorMittal Tamirtau (AMT) with an agreement that includes the payment of $286 million, the Kazakh Ministry [&hellip;]<\/p>\n","protected":false},"author":198164071,"featured_media":94900,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[123773,123771,123781],"tags":[124444],"class_list":["post-94899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-companies","category-economy","category-society","tag-kazakhstan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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