ArcelorMittal sells majority of Algerian unit to state for $763 million

Steelmaker ArcelorMittal said it will sell a majority stake in its Algerian operations to the Algerian state as part of a $763 million investment agreement.

Algerian state-controlled entity Sider will own 51% of ArcelorMittal's Annaba and Tebessa units, with Arcelor owning the rest, according to a statement from Arcelor on Sunday. The sale price of the stake was not disclosed.