ArcelorMittal completed the acquisition of a 28.4% stake in Vallourec from Apollo Global Management for €955m.

ArcelorMittal, a multinational steel manufacturing corporation, completed the acquisition of a 28.4% stake in Vallourec, a global company in premium tubular solutions primarily serving the energy markets, from Apollo Global Management, an alternative investment manager, for €955m. “Vallourec is well established as a producer of high-quality tubular products, holding a prime position in an attractive market segment that has potential for growth from new, clean energy markets. The strategic stake is a welcome addition to our investment portfolio, and we look forward to supporting Vallourec’s management team in their efforts to drive further performance improvement. It also supports our ongoing efforts to grow our business. These initiatives will significantly strengthen our business, expanding our product capabilities and emerging markets exposure while enhancing our earnings capacity,” Aditya Mittal, ArcelorMittal CEO.