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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
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
02/07/201405:01:11EUROPE MARKETS: European Stocks Climb Ahead Of U.S. Nonfarm Data
02/07/201404:54:45EUROPE MARKETS: European Stocks Climb Ahead U.S. Nonfarm Data
02/07/201404:51:05ArcelorMittal Expects Slower Growth in Chinese Steel Demand
02/05/201412:18:36EUROPE MARKETS: European Stocks Break Three-day Losing Streak

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