KISWire Co.,Ltd entered into an agreement to acquire the remaining 50% stake in Kiswire ArcelorMittal Ltd. and certain steel cord assets for approximately $170 million.
The net proceeds received in 2Q 2014 are $39 million being $55 million received in cash during the quarter minus cash held by steel cord business. Additionally, $28 million of gross debt held by the steel cord business has been transferred. The remaining $102 million from the sale proceeds is expected to be received by 2Q 2015. The transaction, subject to regulatory approvals, is expected to be completed in the second quarter of 2014. Cleary, Gottlieb, Steen & Hamilton LLP acted as legal advisor to ArcelorMittal.