Luxembourg-based ArcelorMittal is hoping investors will help reduce the company’s debt. Our partners at The Times of Northwest Indiana report the steelmaker, which has manufacturing operations in Indiana, is looking to raise $3 billion by selling new stock at a discount.
The company is selling the stock at $2.44 a share and is offering shareholders seven new shares for every 10 they own at a 35 percent discount, according to the publication. ArcelorMittal lost nearly $8 billion last year and is looking to reduce its $15.7 billion debt.
The Times reports the company’s stock price has fallen by 55 percent. Last month, the company announced it was closing its aluminizing line at ArcelorMittal Indiana Harbor West. Affected employees were moved to a recently-reopened galvanizing line at the same location.