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ArcelorMittal gets a shot in the arm
January 11, 2013, 9:56 am

ArcelorMittal is the world’s largest steel producer. [AP]

ArcelorMittal is the world’s largest steel producer. [AP]

ArcelorMittal has raised a mammoth $4 billion selling new shares and convertible bonds in an effort to strengthen its balance sheet.

The move could boost the company’s return to an investment grade credit rating.

ArcelorMittal is the world’s largest steelmaker.

Finance director at ArcelorMittal, Aditya Mittal said of its fundraising: “We are parking the balance sheet issue now.

“We are also parking, to some degree, the asset divestment process”.

The Mittal’s share might be diluted after the event, according to analysts.

Lakshmi Mittal owns 41 per cent in ArcelorMittal and is billed as the richest man of Britain.

He ranks 47 in the world’s most Powerful People List of 2012.

Source: Agencies

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