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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
05/22/201511:08:43Report of Foreign Issuer (6-k)
05/22/201509:47:23ArcelorMittal, SAIL Enter Pact to Form Autos Steel JV in India...
05/22/201509:29:12ArcelorMittal, SAIL Enter Pact to Form Autos Steel JV in India
05/20/201517:04:56Specialized Disclosure Report (sd)
05/11/201511:40:05ArcelorMittal Issues Warning as Loss Widens
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05/07/201515:53:37Report of Foreign Issuer (6-k)
05/07/201506:11:36ArcelorMittal Loss Widens, Warns on Profit
05/07/201506:09:12ArcelorMittal Loss Widens, Warns on Profit Amid Steel Glut
05/05/201517:06:18Report of Foreign Issuer (6-k)
05/05/201504:33:44ArcelorMittal SA Earns Overweight Rating from Analysts at Stephens...
04/30/201515:02:49Report of Foreign Issuer (6-k)
04/30/201512:09:06Report of Foreign Issuer (6-k)
04/25/201511:00:0310 Most Profitable Companies in Commodities
04/24/201510:50:40Report of Foreign Issuer (6-k)
04/10/201518:10:21Mining Companies Face Dangers From Criminal Gangs in Mexico
04/09/201514:56:23Report of Foreign Issuer (6-k)
04/07/201513:46:29Amended Report of Foreign Issuer (6-k/a)
04/03/201512:17:31Report of Foreign Issuer (6-k)
03/16/201514:12:56Report of Foreign Issuer (6-k)

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