ArcelorMittal’s losses mount to $8 billion

London, February 5

Billionaire Lakshmi Mittal-led ArcelorMittal today said it will raise $3 billion from investors and sell $1 billion stake in Spanish auto-part maker Gestamp, to reduce debt after the losses widened 7-fold in 2015 to $7.9 billion.

The world’s largest steelmaker outlined a plan to reduce its $15.7 billion net debt by nearly a quarter. Mittal, who owns about 37% of ArcelorMittal, will maintain his stake and will sign up to its entitlement of the share issue, worth about $1.1 billion.

The company reported net sales declining to $63.58 billion in 2015 against $72.28 billion in 2014. PTI