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 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, 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.
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.