ArcelorMittal to achieve 'significant' debt reduction on US sale: Ratings

摘要

London—ArcelorMittal’s announcement Sept. 28 that it will sell much of its North American assets (ArcelorMittal USA) to miner Cleveland- Cliffs Inc. is “a significant milestone in the company’s ambition to reduce its overall debt level, supporting structurally lower adjusted debt through the cycle,” S&P Global Ratings said in an Oct. 2 report. The transaction, involving both steelmaking and mining assets, involves a combined cash and stock consideration of about $1.4 billion, of which about $505 million is upfront cash.