ArcelorMittal launches bond issue to fund Essar Steel acquisition

2019-03-07

Mar. 7, 2019 - ArcelorMittal announced that is has launched an offering of USD-denominated notes. The net proceeds from the offering are expected to be applied towards repayment of existing debt including the USD 1 billion outstanding under a USD 7 billion term facilities agreement entered into in connection with the proposed acquisition of Essar Steel India Limited through a joint venture with Nippon Steel and Sumitomo Metal Corporation. The joint venture agreements provide that ArcelorMittal and NSSMC will own 60% and 40%, respectively, of the joint venture’s share capital and will have equal representation and voting rights on its board of directors, such that the joint venture will be considered by the parties to be a jointly controlled entity. ArcelorMittal anticipates that its investment in the joint venture will be equity accounted.

The Issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the Issuer has filed with the SEC for more complete information about the Issuer and this offering.