The leading steel company, ArcelorMittal, has no option but to raise money to pay off its huge debts. The company has resorted to issuing shares and selling off its minority stake in Gestamp, the Spanish auto-parts manufacturing company. The decision should fetch Lakshmi Mittal almost $4 billion - $3 billion from share issue and $1 billion from Gestamp - and reduce the debt burden to some extent.
ArcelorMittal
Breaking News
Top steelmakers ArcelorMittal and Tata Steel are dipping their toes into iron ore derivatives, marking a crucial milestone in developing trade for the world's second-largest commodity after oil.
Lakshmi Mittal, chief executive officer of ArcelorMittal, is negotiating with infrastructure company GMR Group to acquire a stake in Delhi Daredevils. The cricket team plays in the Indian Premier League.
German industrial conglomerate ThyssenKrupp AG reportedly plans to put up for sale its 51.5 million new shares in a capital increase. The deal could bring in EUR907 million (USD1.23 billion) to the company.
In an article on Reuters, two unidentified sources were cited saying that ThyssenKrupp is set to divest its US steel plant and expects to obtain around USD1.5 billion from its asset sale.
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