The transfer of ArcelorMittal Temirtau’s assets to Kazakhstan is expected to be completed by the end of November, Kazakh Industry and Construction Minister Kanat Sharlapayev said.
“We’re targeting the timeframe for the end of November,” Sharlapayev told reporters, speaking about when the transaction to nationalize the steelmaker, which is now owned by steel multinational ArcelorMittal, will be completed.
“The legal paperwork should be completely ready before the end of November,” he added. Legal work related to the transfer of the Kazakh steelmaker to the state is now being done so as to avoid future litigation with ArcelorMittal, Sharlapayev said.
“We are now doing fairly detailed legal work in order to safeguard Kazakhstan from future legal action after this investor exits ArcelorMittal Temirtau’s shareholder structure,” Sharlapayev said.