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ArcelorMittal seeks to raise $3 billion to reduce debt

LUXEMBOURG – The world’s largest steel producer, ArcelorMittal, says it hopes to raise $3 billion in fresh capital and sell a minority stake in automotive engineering company Gestamp to reduce its debt, amid a troubled outlook for the global industry.

CEO Lakshmi Mittal said Friday the Luxembourg-based company hopes to reduce net debt to less than $12 billion. Net debt stood at $15.7 billion at the end of last year.