ARCELORMITTAL WILL SELL STOCKS AT 2.20 EUROS IN US$ 3 BILLION OFFERING

ArcelorMittal will sell new stock to shareholders at 2.20 euros ($2.44) each as the biggest steelmaker raises about $3 billion to cut debt.

The Luxembourg-based company will sell seven new shares for every 10, it said in a statement on Friday. The shares in the rights offering will be sold at a 35% discount to Thursday’s closing price, and the family of chief executive officer Lakshmi Mittal will maintain their 37% holding in the company. The firm said last month it would offer shares.

ArcelorMittal, which supplied steel for New York’s One World Trade Center and London’s Wembley stadium, is tapping up shareholders to help pare its $15.7 billion debt pile. The company has slumped about 55% in the past year as record Chinese steel exports sent the material tumbling and undercut prices in Europe and the US.