ArcelorMittal, the world’s largest steelmaker, said that it has sold a 50% stake in its shipping business, Global Chartering Ltd (GCL), to DryLog Ltd, a unit of Greek shipping company Ceres, to pare its debt. The steelmaker will subsequently form an equal joint venture with DryLog. The stake sale and JV formation will ultimately reduce ArcelorMittal’s net debt by $530 million, with $400 million on completion and a further $130 million due in early 2020.