Steelmaker ArcelorMittal acquires 28.4% stake in Vallourec for $1B to expand tubular business.

Steelmaker ArcelorMittal is set to acquire a 28.4% stake in Vallourec, a French tubular steel manufacturer, for around $1 billion. The acquisition aims to increase ArcelorMittal's exposure in the tubular business sector. ArcelorMittal signed an agreement with funds managed by Apollo Global Management to buy 65.24 million shares in Vallourec for €14.64 per share.