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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
08/01/201419:46:16ArcelorMittal Warns on Profit as Lower Iron-Ore Price Takes Toll--Update
08/01/201412:11:04EUROPE MARKETS: ArcelorMittal, Iliad Slump In Europe; AXA Climbs
08/01/201405:15:49ArcelorMittal Agrees to Buy Stake in Guinea's Mount Nimba Iron-Ore...
08/01/201404:13:50ArcelorMittal Warns on Profit as Lower Prices Take Toll -- Update
07/21/201416:40:37Severstal to Sell Its North American Units -- Update
05/13/201420:08:11U.S. Steel Imports Spark Wave of Trade Complaints - Update
05/13/201407:23:53Retooled ThyssenKrupp Raises Profit Outlook--Update
05/09/201417:44:09ADR Shares End Mixed; ArcelorMittal, Alcatel-Lucent Shares Active
05/09/201416:05:35ArcelorMittal Loss Narrows -- 4th Update
05/09/201412:09:48EUROPE MARKETS: European Stocks Fall From Six-year High
04/30/201405:35:40ArcelorMittal to Sell Stake in European Port Handling Firm
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

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