ArcelorMittal, the biggest steelmaker, is seeking about $3.5 billion through a sale of shares and bonds that automatically become stock to reduce debt. It also announced a bid for a ThyssenKrupp AG plant in Alabama.
ArcelorMittal Chief Financial Officer Aditya Mittal comments on challenges for the steel industry including the European Union carbon price. He was speaking today on a call with reporters. The Luxembourg-based company is the world’s biggest steelmaker.
ArcelorMittal , the world’s biggest steelmaker, forecast third-quarter profit will slump as much as 30 percent from the prior three months as China’s economy slows, costs rise and demand weakens during the European summer.
ArcelorMittal, the world’s biggest steelmaker, said it expects an earnings recovery in 2013 after posting the lowest quarterly profit in three years as the European debt crisis eroded demand for the metal.
ArcelorMittal, the world’s biggest steelmaker, reported the lowest quarterly profit in almost three years and cut its 2013 dividend to save $1 billion as slowing Asian demand sinks prices and the company attempts to cut debt.