ArcelorMittal to offload division

ARCELORMITTAL is de-merging its stainless steel arm in a move tipped to spark industry consolidation.

The steelmaker, created when India’s Mittal bought European rival Arcelor in 2006, will issue one share for each 20 in the unit early next year.

ArcelorMittal said in July it might spin off stainless steel after seeking a merger to cut costs.

Analysts said a Euronext listing early next year may allow it to merge with rivals like Spain’s Acerinox or Finland’s Outokumpu Oyj.