ArcelorMittal will buy back bonds in euros and dollars after raising $3 billion in a rights issue to cut debt.

The world’s largest steelmaker offered to repurchase 1 billion euros ($1.1 billion) of notes maturing in November 2017 and 500 million euros of securities due in March 2018, according to a statement. The company also offered to buy back $1.5 billion of securities maturing in June 2018.

ArcelorMittal, which supplied steel for New York’s One World Trade Center and London’s Wembley Stadium, tapped shareholders to help pare its $15.7 billion debt pile. Its shares have slumped 37 percent in the past year as record Chinese steel exports drove down prices in Europe and the U.S.

“One of the concerns about ArcelorMittal was that they had meaningful debt maturities in the coming years,” said Mark Wade, head of industrials research at Rogge Global Partners Plc in London, which manages more than $30 billion. “They need to turn the story around so they can come back to the market and finance at a reasonable cost.”

The Luxembourg-based company has scrapped its dividend, cut expansion plans and shuttered plants to help reduce borrowings. The steelmaker reported a $7.9 billion net loss last year and said it expected earnings before interest, taxes, depreciation and amortization to fall further this year.

ArcelorMittal’s March 2018 notes jumped 2.5 cents on the euro to 107.5 cents, according to data compiled by Bloomberg. Its 4.625 percent securities due November 2017 rose 1.9 cents to 107.6 cents. Both are quoted at the highest prices since September.

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