ARCELORMITTAL TO RAISE US$ 3 BILLION AFTER CHINESE STEEL EXPORTS HIT PROFIT

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.