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ArcelorMittal Committed To Keeping Credit Rating Despite Low Cost Of Downgrade

By Alex MacDonald LONDON--Steel giant ArcelorMittal (MT) remains committed to maintaining its investment grade credit rating--despite the relatively low cost incurred from a one notch downgrade--because it views the credit rating as important in its role as a consolidator of the industry, the company's chief financial officer said Wednesday. In order to "continue consolidating...the appropriate rating for our investment size is investment grade," Aditya Mittal told analysts in a conference call. ArcelorMittal has been seeking to reduce its debt in order to maintain its investment grade credit rating after Standard and Poor's said the company must reduce its adjusted debt, a metric that includes liabilities that aren't often apparent on the balance sheet, by about $11 billion to $30 billion in order to maintain its BBB-/A-3 long- and short-term corporate credit rating. So far the company has reduced its adjusted debt by $4 billion, Mittal said. He noted that the company remains committed to its investment grade even though the consequence of a one notch credit downgrade is equivalent to an additional $100 million in interest expenses. The company has reduced its adjusted debt through a combination of non-core asset sales and changes to pension plans as evidenced in the case of a change in the employee benefit plans for its Dofasco operations in Canada. -Write to Alex MacDonald at alex.macdonald@dowjones.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Mittal Steel (MT)
DateTimeHeadline
02/06/201603:02:00Arcelor Grapples With Glut
02/05/201616:30:00Materials Down After Arcelor Report - Materials Roundup
02/05/201615:44:18Report of Foreign Issuer (6-k)
02/05/201614:35:02Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
02/05/201614:22:45Free Writing Prospectus - Filing Under Securities Act Rules 163/433...
02/05/201607:39:00ArcelorMittal to Raise $3 Billion After Hefty Net Loss - 2nd...
02/05/201606:13:00Post-effective Amendment to an Automatic Shelf Registration of...
02/05/201606:12:59Report of Foreign Issuer (6-k)
02/05/201604:40:00Global Stocks Steady Ahead of U.S. Labor Data
02/05/201604:08:00ArcelorMittal Eyes Better Value From Share Issue Than Asset Sales
02/05/201603:05:00ArcelorMittal to Raise $3 Billion After Hefty Net Loss - Update
02/05/201603:03:00ArcelorMittal to Raise $3 Billion After Hefty Net Loss - Update
02/05/201602:10:00ArcelorMittal to Launch $3 Billion Capital Increase
02/05/201601:50:00ArcelorMittal to Launch $3 Billion Capital Increase
02/03/201613:01:16Report of Foreign Issuer (6-k)
01/25/201618:18:00ADRs End Lower; Shire Edges Down
01/25/201612:28:00ArcelorMittal to Idle Sestao Steel Plant Indefinitely
01/22/201612:40:00Judge Halts Operations of Brazil's Vale SA at Key Port
01/22/201612:38:00Judge Halts Operations of Brazil's Vale SA at Key Port of Tubarão
01/19/201605:40:00Global Stocks Rally

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