Steel company ArcelorMittal sells half of its transport subsidiary Global Chartering to DryLog. The two companies are bringing the transport company into a joint venture. The sale has to be made this year.

ArcelorMittal has $ 530 million in sales to reduce the debt. The steel company will receive 400 million dollars from this on completion of the deal and another 130 million dollars early next year.

The sale of the interest is in line with ArcelorMittal’s strategy of cashing in on parts of $ 2 billion by mid-2021.