ArcelorMittal Sells Shipping Company Shares To Reduce Debt

- Dec 31, 2019-

ArcelorMittal, the world's largest steel company, has signed a share purchase agreement with shipping company drylog to sell a 50% stake in global shipping (GCL), a wholly-owned shipping business, worth $530 million.

This is part of its strategic restructuring - Amway is committed to releasing up to $2 billion from its portfolio by mid-2021. After that, a shipping joint venture will be formed with drylog.

As of September 30, 2019, Amway had a net debt of $10.7 billion and is committed to reducing it to less than $7 billion.