ArcelorMittal has raised around $667 million by selling a 10% stake in French steel tubes maker Vallourec.
The Luxembourg-based steelmaker sold 23.9 million Vallourec shares at €24 each, an 8% discount to Monday's closing price of €26.
Vallourec shares tumbled about 6% in early Paris trading.
ArcelorMittal CFO Genuino Christino said the move underscores the company's commitment to delivering returns to shareholders.
ArcelorMittal first acquired a 28.4% stake in Vallourec in March 2024, when shares were around €16. Vallourec shares have since risen about 75%.
After settlement, ArcelorMittal will retain about 17.3% of Vallourec's share capital.
