ArcelorMittal has agreed to buy a $1.04 billion (€955 million) stake in steel pipe maker Vallourec, as it seeks to boost its exposure to more value-added products.
ArcelorMittal said that it had signed a share purchase agreement to acquire a 28% stake in Valorac from funds managed by Apollo Global Management.
The French pipe maker supplies products to the energy and industrial sectors, including automotive and construction customers, with the majority of its capacity directed in the United States and Brazil, according to the statement.
Aditya Mittal, CEO of ArcelorMittal, said: “As a producer of premium steel pipe solutions, it plays a critical role in the energy transition, production of bio-products for hydrogen, carbon capture and storage, and geothermal applications, the demand for which is expected to grow.” “.
