Deals
ArcelorMittal Asks Investors for $3 Billion Amid Steel Rout
- Mittal family to follow rights, contributing $1.1 billion
- Full-year Ebitda declines 28%; 2016 profit seen lower
Arcelormittal Plans to Raise $3 Billion From Investors
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ArcelorMittal plans to raise $3 billion from investors and sell a $1 billion stake in Spanish auto-parts maker Gestamp as the world’s largest steelmaker looks to ride out an industry slump caused by record Chinese exports.
Billionaire Lakshmi Mittal, the chief executive officer who owns about 37 percent of the business, has committed to maintain his stake and his family will take up about $1.1 billion, the Luxembourg-based company said in a statement Friday. Full-year earnings before interest, taxes, depreciation and amortization declined 28 percent to $5.2 billion.