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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
07/19/201611:22:47Report of Foreign Issuer (6-k)
07/13/201613:44:49Report of Foreign Issuer (6-k)
07/11/201613:10:00Germany's Thyssenkrupp Confirms Talks With Tata Steel
07/11/201613:07:00Germany's Thyssenkrupp Confirms Talks With Tata Steel Over Possible...
07/01/201611:01:00Acciaieria Arvedi-led Consortium Bids for Italy's Ilva Steel...
06/30/201612:10:00ArcelorMittal, Marcegaglia Offer to Buy Italy's Largest Steel...
06/30/201611:12:23Report of Foreign Issuer (6-k)
06/30/201608:41:00ArcelorMittal, Marcegaglia Offer to Buy Italy's Largest Steel...
06/28/201614:26:47Report of Foreign Issuer (6-k)
06/14/201614:43:19Report of Foreign Issuer (6-k)
06/09/201613:10:00Cliffs Natural Resources to Reopen Minnesota Mine Early
05/31/201618:10:00ADRs End Mostly Lower; ArcelorMittal Rises
05/31/201610:40:00Cliffs Natural in Deal to Supply ArcelorMittal
05/31/201610:27:00Cliffs Natural in Deal to Supply ArcelorMittal
05/24/201611:56:31Specialized Disclosure Report (sd)
05/19/201610:00:48Report of Foreign Issuer (6-k)
05/11/201610:58:49Report of Foreign Issuer (6-k)
05/11/201610:23:00ArcelorMittal Launches Offer to Buy Back All $1.5 Billion in...
05/09/201618:43:00ADRs End Lower; AngloGold Ashanti, ArcelorMittal Decline
05/07/201603:04:00Steel Giant Expects Pain to Ease -- WSJ

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