"$1.3 billion will be invested in 2024” - the new owner of ArcelorMittal Temirtau

“$1.3 billion will be invested in 2024” – the new owner of ArcelorMittal Temirtau

08/12/2023

Image source: pixelied.com / pixabay.com

The new investor ArcelorMittal Temirtau announced short-term plans.

Let us recall that the Kazakh company Qazaqstan Steel Group (QSG) became an investor in the enterprises of the former ArcelorMittal Temirtau.

Under the terms of the deal, QSG will purchase AMT’s assets for $286 million and will also make guaranteed deferred payments of $450 million. In addition, $250 million will be paid at closing as payment of AMT’s outstanding intercompany debt.

“Subsequently, the investor undertakes to invest more than $3 billion, of which $1.3 billion will be invested next year,” the company said in a statement.

In the short term, the national investor sets himself the following tasks:

maintaining the existing collective agreement and remuneration system for employees of the enterprise;
radical improvement of production safety indicators and environmental situation;
modernization and reorganization of production;
increase in volumes, range and types of products.

The company said that officials will provide detailed comments after conducting an analysis of the enterprise’s activities.

Let us recall that on October 28, another tragedy occurred at the Kostenko mine in Karaganda, which claimed the lives of 46 miners . President Kassym-Jomart Tokayev went to the scene of the emergency, expressed condolences over the death of the miners and instructed to stop cooperation with ArcelorMittal Temirtau .

The government has determined the requirements for a new investor. It also became known that after the change of ownership, Kazakhstan will no longer use the name ArcelorMittal .

Source and Credit: tengrinews.kz

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Tags: ArcelorMittal Temirtau