New Delhi, Jan 26 (Agencies): In a bid to unlock value for its shareholders, global steel giant ArcelorMittal has hived off its stainless and speciality steels business into Aperam, a newly created company.

"The Extraordinary General Meeting of shareholders of ArcelorMittal held in Luxembourg approved ... the spin-off of ArcelorMittal’s stainless and speciality steels business into Aperam, a newly created company," the company said yesterday after the EGM meeting.

The spin-off was approved by the shareholders in the EGM on January 25 by an overwhelming majority, the company said adding, "963 117 270 shares, or 61.7 % of the Company's share capital, were present or represented at the meeting."

Earlier last month, the firm had announced the spin-off in its stainless division to unlock value for shareholders.

Under the plan, the company decided to allot its shareholders scrip in the stainless steel unit for every existing 20 shares in the first quarter of 2011.

Last year company Chairman and CEO Lakshmi Mittal had said that the group was confident of the future of stainless business and believed creation of a separately focused company will create additional value for shareholders.

The widely expected spin-off is likely to result in a non-cash impairment charge of about USD 800 million, while the business unit will have a net debt of about USD 1 billion.

It will comprise a combination of existing ArcelorMittal debt that will be transferred, besides new loan raised by this business, the company had said, adding that it planned to list the stainless steel shares on Euronext Paris, Amsterdam and in Luxembourg.

The global steel major, which is focusing on expanding mining operations, has presence in more than 60 countries and accounts for over 70 million tonnes of crude steel production, representing about 8 per cent of world steel output.