If the proposition to dissolve the company is rejected, shareholders will then put to the vote a proposition to reduce the company’s share capital from 162.91 million lei (EUR36.7 million) to RON6.51 million, by lowering the face value of shares from RON2.5 to RON0.1.
The company’s administrators proposed, in turn, that shareholders contribute to a share capital increase by RON83 million which would be used for investments and to finance current operations and pay back loans.
ArcelorMittal Tubular Products Iasi is 96.33% owned by ArcelorMittal Tubular Products Holding, the tubular products arm of the world’s largest steelmaker ArcelorMittal. (EUR1=RON4.4286)