ArcelorMittal, the world's largest steelmaker, launched plans on Friday to raise $3 billion from a share issue to reduce debt, as it continues to suffer from the Chinese industry's overcapacity which it says has driven down world prices.
ArcelorMittal's share price has dropped 60 percent in the past 12 months, cutting the group's market value to just 6.2 billion euros ($6.94 billion). The shares were down a further 7.5 percent in early trading on Friday, making them by far the worst performer in the European FTSEurofirst300 index.
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ArcelorMittal's share price has dropped 60 percent in the past 12 months, cutting the group's market value to just 6.2 billion euros ($6.94 billion). The shares were down a further 7.5 percent in early trading on Friday, making them by far the worst performer in the European FTSEurofirst300 index.
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