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ArcelorMittal in Saudi Arabia is technically in default - Report- The 20th China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
3/22/2019 管材展-鋼管展-steel tube expo-tube &pipe expo |
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Talk Finance reported that the Saudi steel pipe factory Al Jubail, of which ArcelorMittal is joint owner, is struggling with problems. According to ArcelorMittal’s annual report, the joint venture has been ‘technically in default’ since the end of last year because other owners would refuse to provide the necessary financing.
ArcelorMittal had USD 163 million in loans and receivables past due at Al Jubail at the end of last year. The group also guaranteed USD 397 million of the factory’s debts. ArcelorMittal, in its own words, works to resolve the situation with its partners. The steel concern therefore assumes that the shortcoming will be remedied in the short term
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- The 20th China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
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