By Jeffrey T. Lewis
SAO PAULO--Vale SA said Thursday evening that it and its partners sold their stakes in steelmaker Companhia Siderurgica do Pecem, or CSP, to ArcelorMittal.
The sale has an enterprise value of $2.2 billion, which will be used to prepay CSP's outstanding net debt balance of $2.3 billion, Vale said.
Iron-ore miner Vale owned 50% of the company, with South Korea's Dongkuk Steel Mill Co., Ltd. owning 30% and Posco Holding Inc. holding the remaining 20% of CSP.
The sale is part of Vale's efforts to simplify its portfolio and focus on its core businesses, the Brazilian company said.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
03-10-23 0629ET