ArcelorMittal close to Aperam listing

[] — ARCELORMITTAL is set to list its stainless steel unit Aperam at the end of January or in early February, sources close to the matter said on Friday.

ArcelorMittal has already called a shareholders meeting for January 25 to approve plans for the Aperam IPO.

“The shareholders meeting is taking place on January 25. The listing will occur in the following seven days,” one source said.

Another source said the listing was slated for January 31.

ArcelorMittal declined to comment.

ArcelorMittal said in July it might separate stainless steel – which accounted for 7% of 2009 group sales – from its core operations after years of seeking a merger for the unit to slash costs.

In December, the group said it would hand out shares in the unit, which had sales of $4.2bn in 2009, to investors on a 1-for-20 basis in the first quarter of next year.