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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
08/03/201513:56:18Report of Foreign Issuer (6-k)
07/31/201519:50:39Steelmaker Seeks Cost Cuts
07/31/201514:29:20ArcelorMittal Plans U.S., South Africa Restructuring -- Update
07/31/201512:51:38Report of Foreign Issuer (6-k)
07/31/201509:09:40ArcelorMittal Plans U.S., South Africa Restructuring
07/31/201506:08:35ArcelorMittal in Talks to Restructure US, South Africa Operations
07/31/201502:20:04ArcelorMittal Pressured by China and Russia
07/31/201502:14:25ArcelorMittal Pressured by China and Russia
07/28/201517:15:33Steelmakers Ask U.S. to Impose Tariffs on China, Others
07/20/201510:19:40Report of Foreign Issuer (6-k)
07/10/201513:23:55Report of Foreign Issuer (6-k)
07/06/201514:53:18Report of Foreign Issuer (6-k)
06/19/201506:14:02Best Stocks to Invest in Steel
06/17/201517:15:11U.S. Steel Firms Scrap Old Methods to Compete
06/03/201521:40:12U.S. Steelmakers Seek Punitive Tariffs on Imports
06/03/201517:18:49U.S. Steelmakers Seek Antidumping Action on China, Others...
06/03/201514:41:13U.S. Steelmakers Seek Antidumping Action on China, Others...
06/03/201514:31:47U.S. Steelmakers Seek Antidumping Action Against China, Other...
06/03/201510:51:55Report of Foreign Issuer (6-k)
06/01/201516:45:46Report of Foreign Issuer (6-k)

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