ArcelorMittal clings onto IG rating with $2bn recap

By Aidan Gregory, Owen Sanderson
12 May 2020

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.

BNP Paribas, Crédit Agricole, Goldman Sachs, JPMorgan and Société Générale were global coordinators on the sale by ArcelorMittal, which concluded on Monday night.

ArcelorMittal is headquartered in Luxembourg, and is dual listed in Amsterdam and New York. The mandatory convertible bonds are SEC-registered while the new shares were sold ...

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