ArcelorMittal offers $2 billion of shares, convertibles at discount

RUSSELS (Reuters) – ArcelorMittal (MT.AS), the world’s largest steelmaker, is issuing $2 billion of shares and convertible notes at a deep discount to accelerate debt reduction plans that have been slowed by the COVID-19 pandemic.

The company said on Tuesday it will sell $750 million of shares at a price of $9.27, equivalent to 8.57 euros. That is near to their value at Monday’s close, when ArcelorMittal had said it would issue new shares, but some 17% down from Friday.

On Tuesday, the shares were trading 4.6% lower on the day at 8.23 euros at 0800 GMT, making them the worst performers in the FTSEurofirst300 index .FTEU3 of leading European shares.