“Qazaqstan Steel Group, represented by Kazakh businessman Andrey Lavrentyev, reached an agreement with the Ministry of Industry and Construction of Kazakhstan on the acquisition of ArcelorMittal Temirtau assets,” reads the statement.
Under the terms of the deal, QSG will purchase AMT's assets for $286 million and will also make guaranteed deferred payments of $450 million, payable in four equal annual installments. In addition, an additional $250 million will be paid at closing as payment of AMT's outstanding intercompany debt.
Talgat Temirkhanov has been appointed as the official representative of the Qazaqstan Steel Group shareholder in QARMET.
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