ArcelorMittal clings onto IG rating with $2bn recap

Aidan Gregory,

Owen Sanderson

May 12, 2020 04:30 pm

ArcelorMittal_PA_575_375 — General view of ArcelorMittal in the port of Ghent, Belgium on April 09, 2020. ArcelorMittal group cuts the production in Europe due to the corona crisis (COVID-19) ArcelorMittal is the world's largest steel producer, Lakshmi Mittal (owner of Mittal Steel) is the chairman and CEO, The company will mainly produce less flat steel. This type of steel is often supplied to automakers, but they shut down their factories in Europe because of the corona virus. Lakshmi N Mittal Assistance relief in Emergency situation in India to stop the coronavirus. (Photo by Jonathan Raa/NurPhoto) | Jonathan Raa/NurPhoto/PA Images

Steel maker ArcelorMittal has raised over $2bn through a sale of new shares and mandatory convertible bonds after posting a $1bn loss in the first quarter because of the Covid-19 global pandemic, which has caused demand for steel to plunge.

Unlock this article.

The content you are trying to view is exclusive to our subscribers.

To unlock this article:

Request demo or Login

✔ 4,000 annual insights
✔ 700+ notes and long-form analyses
✔ 4 capital markets databases
✔ Daily newsletters across markets and asset classes
✔ 2 weekly podcasts

Topics

Coronavirus Syndicated Loans Health and Biotech Equity Europe Investment Grade Loans EMEA SRI Corporate Bonds Equity-Linked High grade and crossover bonds

AG

Aidan Gregory

OS

Owen Sanderson