Arcelor to reduce debt even with TK bid
Jan 09, 2013 | 05:06 PM
| Chris Prentice
Tags
ArcelorMittal SA ADitya Mittal,
debt reduction plan,
Thyssen Krupp Steel Americas,
Calvert,
Ala. mill,
flat-rolled steel,
auction bid,
public offering
Charles Bradford
NEW YORK — An ArcelorMittal SA executive confirmed the company’s interest in ThyssenKrupp AG’s Calvert, Ala., facility during a conference call with investors addressing the company’s capital-raising and debt-reduction targets.
The Luxembourg-based steelmaker announced a plan to raise $3.5 billion in capital through a combined offering of common stock and convertible notes on the call Wednesday morning. That offering and select divestitures from the company’s Mines Canada and Kalagadi Manganese assets are parts of an initiative to cut the company’s debt to $17 billion by June 30 from $22 billion as of Dec. 31.....
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