Government approves deal with ArcelorMittal

The Czech government on Wednesday approved a memorandum of understanding between the Czech Republic and the steel giant ArcelorMittal, ending all their disputes. Under the agreement, ArcelorMittal will withdraw all its suits against the Czech Republic in which it demanded 26 billion crowns, and the Czech Republic, will, in turn, sell an 11-percent stake in the largest Czech steel maker ArcelorMittal Ostrava to ArcelorMittal. The Czech Republic will gain 6.8 billion crowns from the shares sold. ArcelorMittal now holds over 71 percent shares in ArcelorMittal Ostrava.