Mittal World’s top steelmaker rejects recapitalisation rumour

PARIS - ArcelorMittal, the world’s top steel maker, said Tuesday there was no current need for a capital increase, responding to a press report it might be seeking to raise 5.0 billion euros (6.5 billion dollars).

By (AFP)

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Published: Tue 17 Mar 2009, 4:45 PM

Last updated: Sun 5 Apr 2015, 10:41 PM

“ArcelorMittal does not need to increase capital for the moment since we have a programme for reducing debt,” the statement said.

The firm added however that “the group will examine all options that can help strengthen the future of our activity in this difficult economic period.”

ArcelorMittal shares fell 6.59 percent to 13.40 euros during morning trading on the Paris stock market after the Financial Times cited rumours that the company was weighing a capital increase.

“The heavily indebted company is rumoured to have retained JPMorgan and Deutsche Bank to co-ordinate a rights issue valued at about five billion euros,” the Financial Times said.

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