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ArcelorMittal sells shipping stake in drive to cut debt

Reuters
FILE PHOTO: Workers stand near the logo of ArcelorMittal at the steel plant in Ghent

BRUSSELS (Reuters) - ArcelorMittal <MT.AS>, the world's largest steelmaker, has agreed to sell a 50% stake in its shipping business, the first step in its plan to offload $2 billion (1.5 billion pounds) of assets by the middle of 2021 to reduce its debt

The company, whose net debt stood at $10.7 billion at the end of September, said on Monday the sale of the stake in Global Chartering Ltd (GCL) to DryLog Ltd would cut its debt by $530 million. It has a target to pull it below $7 billion.

ArcelorMittal said it expected to close the deal before the end of this year.

GCL operates 28 dry cargo vessels, 25 of which are on long-term leases and three owned outright, and will continue to handle a share of ArcelorMittal's shipments.

Drylog is a subsidiary of Greek shipping company Ceres.

(Reporting by Philip Blenkinsop; Editing by David Clarke)