ArcelorMittal USA lands up to $1 billion in financing

Joseph S. Pete, (Munster) Times of Northwest Indiana

Tuesday, April 5, 2016 2:23 PM

ArcelorMittal USA has secured up to $1 billion in financing for its operating expenses.

Its Luxembourg-based parent has announced the Chicago-based subsidiary will enter into a five-year, asset-based revolving credit line, where it would be able to access the funds to meet cash flow needs after paying a commitment fee.

Locally, the company employs about 10,000 people at operations in Burns Harbor, East Chicago, Gary, New Carlisle and Riverdale, Illinois.

ArcelorMittal USA will secure the financing through its inventory, assets and working capital. Its corporate parent is not guaranteeing the financing, and the steelmaker does not intend to pursue any additional secured financing.

ArcelorMittal USA had $625 million in secured debt at the end of last year. Its international parent, ArcelorMittal, recently raised $3 billion from investors to pay down the $15.7 billion in debt it accumulated after racking up an $8 billion loss last year.

World's largest steelmaker shuts down 84-inch hot strip mill in East Chicago
The Northwest Indiana Region, while tradition-steeped, is evolving from steel and oil
Indiana continues its 35-year run as national champ of steel production
U.S. Steel to idle mills in Texas and Alabama, lay off 800
EDITORIAL: Steel layoffs abroad warn of need to diversity Region's economy
U.S. Steel eliminates 25 percent of salaried jobs, including in Gary, Portage
World governments agree there's too much steel capacity: 700 million tons
U.S. Steel loses $340 million in first quarter 2016
Steelworkers, ArcelorMittal reach tentative pact

HOME

Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR

{1}

##LOC[OK]##

{1}

##LOC[OK]## ##LOC[Cancel]##

{1}

##LOC[OK]## ##LOC[Cancel]##

{1}

##LOC[OK]##

{1}

##LOC[OK]## ##LOC[Cancel]##

{1}

##LOC[OK]## ##LOC[Cancel]##