ArcelorMittal seeks to raise $3 billion to reduce debt
Posted February 05, 2016 6:00 am
LUXEMBOURG (AP) - The world's largest steel producer, ArcelorMittal, says it hopes to raise $3 billion in fresh capital and sell a minority stake in automotive engineering company Gestamp to reduce its debt, amid a troubled outlook for the global industry.
CEO Lakshmi Mittal said Friday the Luxembourg-based company hopes to reduce net debt to less than $12 billion. Net debt stood at $15.7 billion at the end of last year.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.