Steelmaker ArcelorMittal has approved the spin-off of its stainless steel business.

The world’s largest steelmaker said ‘an overwhelming majority’ of shareholders voted for the spinoff of Aperam, which makes up about 5% of ArcelorMittal’s Ebitda.

ArcelorMittal shareholders will receive one share in Aperam for every 20 ArcelorMittal shares they own. Aperam will be listed on exchanges in Amsterdam, Paris and Luxembourg.

Luxembourg-based ArcelorMittal says that as a separate company the stainless steel business will be in a better position to attract capital and create value for shareholders.