Following this acquisition, ArcelorMittal now controls 28.4% of Vallourec's voting rights and 27.5% of its share capital. This strategic step is the result of the "New Vallourec" plan announced shortly after the appointment of Philippe Guillemot as Chairman and CEO of Vallourec in March 2022. This plan is described as reshaping the future of the company, making it modern, focused and resilient. In 2023, Vallourec achieved its best financial results in 15 years. The company reduced its net debt by more than EUR 1.1 billion compared to the ratio in the third quarter of 2022. The company managed to reduce net debt to EUR 364 million in the second quarter of 2024 and stated that it aims to reach zero net debt by the end of 2025.
The company's board of directors appointed Genuino Magalhaes Christino and Keith James Howell as directors and Aditya Mittal as an observer.
ArcelorMittal's move could lead to significant changes in the European HRC and CRC markets.
This new partnership between ArcelorMittal and Vallourec is considered an important milestone in the European steel market.
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