ArcelorMittal to sell stake

Investor's Business Daily

The world's largest steel-maker will sell its 15% stake in ArcelorMittal Mines Canada to a group that includes Korean steel maker Posco and China Steel to raise $1.1 bil to help pay off debt as demand slows. ArcelorMittal (MT) wrote down the value of its European business by $4.3 bil in Dec. and had its credit rating cut to noninvestment grade by all credit rating agencies. Its net debt increased $1.2 bil during Q3. Shares rose 2.2% to 17.85.

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