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ArcelorMittal Temirtau to come under control of Kazakh government by late November

Minister of Industry and Construction Kanat Sharlapayev said he could not make the terms of the deal public before it was completed

ASTANA, October 29. /TASS/. The government of Kazakhstan intends to nationalizemining company ArcelorMittal Termitau by the end of November, Minister of Industry and Construction Kanat Sharlapayev said.

"We are targeting the end of November as regards the deadline for completion of the deal. The legal documents should be completely ready by the end of November," Sharlapayev said, responding to a question about when ArcelorMittal Termitau would be taken under state control.

The minister said he could not make the terms of the deal public before it was completed. "In case any conditions on payouts are included in the deal, we will not compensate future losses to ArcelorMittal Termitau. And we will not use budget funds to acquire this asset," he added.

On October 28, an accident occurred at the Kostenko mine belonging to the Arcelormittal Temirtau company, resulting in the deaths of 46 people. Kazakhstan’s President Kassym-Jomart Tokayev declared October 29 as a day of national mourning for the victims of the mine accident in Karaganda. Tokayev ordered the cabinet to halt investments into ArcelorMittal Temirtau, the republic’s largest mining company, in the wake of the accident.

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