Saudi Fund Considering Boosting Stake in ArcelorMittal JV - Bloomberg

Saudi Fund Considering Boosting Stake in ArcelorMittal JV - Bloomberg:

Saudi Arabia’s sovereign wealth fund is considering a plan to inject up to $300 million into a troubled steel pipe factory co-owned by ArcelorMittal, according to people familiar with the matter. The Public Investment Fund is looking at doubling its stake in ArcelorMittal Tubular Products Jubail to 40 percent by buying new shares and converting debt to equity, the people said, asking not to be identified as the information is private. The final terms of the deal have not been agreed and the plans could change, the people said. ArcelorMittal established the plant in 2007 as a joint venture with the Al-Tanmiah Company, a unit of the Bin Jarallah Group. At the time, it said the plant would become the biggest supplier of steel pipes to the upstream oil and gas industry in the Middle East, producing over 600,000 tons of pipe a year and employing over 600 people.