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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
04/02/201412:41:19EUROPE MARKETS: European Stocks Extend Win Streak To Seven Sessions
04/02/201409:11:10EUROPE MARKETS: European Stocks Edge Up After Six-session Win...
03/10/201412:50:09ArcelorMittal Says Ukraine Crisis Hit Steel Demand
03/10/201412:27:31Correction to Story on ArcelorMittal Ukraine Domestic Steel Demand
03/10/201412:18:56ArcelorMittal Says Ukraine Crisis Has Hit Domestic Steel Demand
03/10/201409:57:40ArcelorMittal Reaffirms Targets, Buoyed by Steel Demand in Developed...
02/12/201409:52:53ArcelorMittal, Evrim Sign Mexican Iron Ore Exploration Pact
02/07/201417:15:18ADR Shares End Higher; Gafisa, Statoil Shares Active
02/07/201412:17:26EUROPE MARKETS: European Stocks Move Higher After U.S. Jobs Data
02/07/201405:01:11EUROPE MARKETS: European Stocks Climb Ahead Of U.S. Nonfarm Data
02/07/201404:54:45EUROPE MARKETS: European Stocks Climb Ahead U.S. Nonfarm Data
02/07/201404:51:05ArcelorMittal Expects Slower Growth in Chinese Steel Demand
02/05/201412:18:36EUROPE MARKETS: European Stocks Break Three-day Losing Streak
02/05/201411:19:29EUROPE MARKETS: European Stocks Poised To Break String Of Losses
02/05/201409:46:05EUROPE MARKETS: European Stocks Set To Break Three-day Losing...
01/29/201410:25:25Salzgitter JV Wins Steel Order From South Stream Gas Pipeline
01/21/201408:14:18ArcelorMittal Buys Back Expensive Hybrid Debt
01/16/201403:39:12SKF Gets Order From ArcelorMittal Bremen
12/23/201306:47:25Enel and ArcelorMittal Abandon Romanian Nuclear Project
12/12/201306:18:45South Africa Constitutional Court Backs Kumba Over Sishen Mine

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