ArcelorMittal, the world’s largest steelmaker, launched plans on Friday for a $3 billion share issue to help reduce debt and cut costs, having been hit by a plunge in steel prices which it blamed on a surge in cheap exports from China.
ArcelorMittal’s share price has dropped 60% in the past 12 months, cutting the group’s market value to just €6.2 billion ($6.94 billion).
The shares were down a further 6.5% on Friday, making them by far the worst performer in the European FTSEurofirst300 index.
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