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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; [email protected]

Stock News for Mittal Steel (MT)
DateTimeHeadline
03/06/201713:47:27Report of Foreign Issuer (6-k)
03/01/201714:34:18Report of Foreign Issuer (6-k)
03/01/201712:24:00Report of Foreign Issuer (6-k)
02/24/201710:29:34Report of Foreign Issuer (6-k)
02/23/201714:09:25Notice of Iran-related Disclosure Filed Pursuant to Section 13(r)(3...
02/23/201713:32:41Report of Foreign Issuer (6-k)
02/23/201713:32:15Annual and Transition Report (foreign Private Issuer) (20-f)
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02/10/201712:45:07Report of Foreign Issuer (6-k)
02/10/201706:05:00ArcelorMittal Swings to Profit, Expresses Hope About Trump Policies...
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02/10/201702:08:00ArcelorMittal Swings to 4Q Net Profit
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12/15/201614:02:34Report of Foreign Issuer (6-k)
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11/29/201623:30:00Wilbur Ross to Be Trump's Commerce Secretary
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11/09/201603:03:00ArcelorMittal Returns to Profit as Demand Rises -- WSJ
11/08/201615:19:58Report of Foreign Issuer (6-k)
11/08/201609:43:00ArcelorMittal Returns to Profit in Third Quarter on Cost Cuts...

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