ArcelorMittal has obtained a court order freezing the assets of Liberty Steel as a part of a larger legal dispute between the two companies.
Via Metal Miner ArcelorMittal recently obtained a freeze order from a Singaporean court against Liberty Steel. The order totals €140 million $150 million and relates to the prospective sale of Liberty Steel assets. According to reports, the Luxembourg-headquartered group acquired a court injunction from a Singapore court on Nov. 1. That injunction prohibits Liberty from removing any assets from the city-state up to the stipulated amount.
In the same announcement, the company stated that Liberty affected payment of €610 $655 million on June 28. Further west in Europe, ArcelorMittal also sold Italian plant Piombino, Dudelange in Luxembourg. ArcelorMittal also sold several finishing lines at Liege in Belgium. These, too, sold to Liberty, proving part of the same overarching transaction. The sale totaled 6.
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