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ArcelorMittal To Sell Significant Portion Of $10 Billion In JVs, Assets

LONDON -(Dow Jones)- Steel titan ArcelorMittal (MT) expects to sell a significant portion of its $10 billion in minority investments and joint ventures in order to shore up its balance sheet. Chief Financial Officer Aditya Mittal said that management is looking at $10 billion in assets and joint ventures on its balance sheet which could be sold off as a non-core assets in order to reduce net debt and protect its credit rating. "We expect that [a] significant portion of that would be crystallized," Mittal told analysts in a call. He declined to provide a specific dollar value for how much might be raised from the sale of non-core assets. Mittal, however, said there were a "few more [asset disposals] in the pipeline to be announced in the second quarter" and said that he expects net debt to fall below $22.5 billion by the end of June. -By Alex MacDonald, Dow Jones Newswires; +44 (0)20 7842 9328; alex.macdonald@dowjones.com

Stock News for Mittal Steel (MT)
DateTimeHeadline
04/26/201613:53:00Report of Foreign Issuer (6-k)
04/26/201612:15:00ArcelorMittal to Redeem $1.4 Billion in Notes due in 2017
04/25/201613:32:29Report of Foreign Issuer (6-k)
04/19/201610:40:07Report of Foreign Issuer (6-k)
04/18/201613:11:23Report of Foreign Issuer (6-k)
04/13/201618:26:00ADRs End Higher; Steelmakers, Mining Companies Rise
04/13/201611:04:00Global Steel Demand to Fall Further in 2016 - World Steel Association
04/13/201608:43:00Worldsteel Forecasts Global Steel Demand Will Contract Again...
04/12/201612:05:17Amended Statement of Beneficial Ownership (sc 13d/a)
04/11/201611:31:00ArcelorMittal Launches Tender to Buy Back up to $3.2 Billion...
04/11/201610:45:04Report of Foreign Issuer (6-k)
04/08/201611:05:34Report of Foreign Issuer (6-k)
04/07/201607:48:04Prospectus Filed Pursuant to Rule 424(b)(3) (424b3)
04/04/201617:27:12Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
04/04/201617:26:46Report of Foreign Issuer (6-k)
04/04/201610:59:08Report of Foreign Issuer (6-k)
04/04/201603:47:00ArcelorMittal Secures up to $1 Billion in Financing for its U.S...
04/01/201612:50:00Thyssenkrupp, Tata in Talks on Steel Tie-Up -- 3rd Update
04/01/201612:35:00Thyssenkrupp, Tata in Talks on Steel Tie-Up -- 2nd Update
04/01/201608:24:00Thyssenkrupp, Tata in Talks on Steel Tie-Up -- Update

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