Reuters/Brussels
ArcelorMittal, the worlds largest steelmaker, launched plans yesterday for a $3bn share issue to help reduce debt and cut costs, having been hit by a plunge in steel prices which it blamed on a surge in cheap exports from China.
ArcelorMittals share price has dropped 60% in the past 12 months, cutting the groups market value to just 6.2bn ($6.94bn).
The shares were down a further 6.5% yesterday, making them by far the worst performer in the European FTSEurofirst300 index.
The company, twice the size of its nearest rival, reported that its core profit (EBITDA) dropped by 32% last year to $5.2bn and warned the result this year would only be in excess of $4.5bn as it sees little improvement in overall global demand for st…
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