ArcelorMittal to Launch $3 Billion Capital Increase
February 05 2016 - 2:10AM
Dow Jones News
LONDON—ArcelorMittal, the world's largest steelmaker, said
Friday it will issue $3 billion worth of shares to strengthen its
balance sheet as it grapples with falling steel prices and excess
steel supply globally.
The Mittal family, led by Chief Executive and Chairman Lakshmi
Mittal, will subscribe to its entitlement of the share issue, or
about $1.1 billion. At the end of last year, the family owned 39.4%
of the company's shares.
"This capital raise, combined with the sale of our minority
shareholding in Gestamp, will...help ensure that the business is
resilient in any market environment and puts ArcelorMittal in a
position of strength from which to further improve performance,"
said Mr. Mittal.
Write to Alex MacDonald at alex.macdonald@wsj.com
(END) Dow Jones Newswires
February 05, 2016 01:55 ET (06:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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