BRUSSELS (AP) -- Shareholders of steelmaker ArcelorMittal have approved the spinoff of the company's stainless steel business.
The world's biggest steelmaker says Tuesday that "an overwhelming majority" of shareholders voted for the spinoff of Aperam, which makes up about 5 percent of ArcelorMittal's earnings before interest, taxes, depreciation and amortization, or Ebitda.
ArcelorMittal shareholders will receive one share in Aperam for every 20 ArcelorMittal shares they own. Aperam will be listed on exchanges in Amsterdam, Paris and Luxembourg.
Luxembourg-based ArcelorMittal says that as a separate company the stainless steel business will be in a better position to attract capital and create value for shareholders.
The world's biggest steelmaker says Tuesday that "an overwhelming majority" of shareholders voted for the spinoff of Aperam, which makes up about 5 percent of ArcelorMittal's earnings before interest, taxes, depreciation and amortization, or Ebitda.
ArcelorMittal shareholders will receive one share in Aperam for every 20 ArcelorMittal shares they own. Aperam will be listed on exchanges in Amsterdam, Paris and Luxembourg.
Luxembourg-based ArcelorMittal says that as a separate company the stainless steel business will be in a better position to attract capital and create value for shareholders.
