Pipe Maker Vallourec Jumps as ArcelorMittal Buys 28% Stake
- French producer of tubular steel closes at highest since 2020
- ArcelorMittal’s $1 billion deal gives it a presence in US
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Vallourec SA rose to its highest in almost four years after ArcelorMittal SA agreed to buy a $1.04 billion (€955 million) equity stake in the French maker of oil-and-gas drilling tubes from Apollo Global Management.
ArcelorMittal signed a share purchase agreement to acquire a 28% equity interest in Vallourec to help strengthen its presence in the market for tubular steel, which is used in the energy and industrial sectors. The majority of the French company’s capacity is in the US and Brazil, according to Tuesday’s statement.