Spain – The 35% has been sold to the majority shareholder, the Riberas family, for a total cash consideration of €875m ($979.5m). The transaction is unconditional, with payment due within six months; ArcelorMittal will also receive €10m as a 2015 dividend.
ArcelorMittal will continue its supply arrangement with Gestamp through its 35% stake in sister company Gonvarri, in which ArcelorMittal sells coils to Gonvarri for processing before they pass to Gestamp and other customers. ArcelorMittal will maintain a presence on the Gestamp board and collaborate with the company in automotive R&D, as well as remaining its major steel supplier.
Aditya Mittal, CEO of ArcelorMittal Europe and Group CFO, noted the benefit to the company’s shareholders but added: “Most importantly, our major supplier relationship with Gonvarri and Gestamp is unaffected by this transaction and we will continue to work together to supply automotive OEMs with world-class automotive steel products”.
ArcelorMittal entered into a joint venture with the Riberas family in 1998 for the purpose of developing, through Gestamp, the business of stamping, assembly and welded-blank production for automotive OEMs. Gestamp now has 95 plants in 20 countries, supplying body-in-white, chassis structures, opening systems and mechanisms to major vehicle manufacturers in Europe, the Americas and Asia.
The steelmaker today posted a net loss of $7.9 billion for last year, as falling commodity prices fuelled an industry-wide crisis.