Steel producer ArcelorMittal plans to raise $US3.5 billion through an offer of stock and subordinated notes to reduce debt.
"ArcelorMittal intends to use the net proceeds from the combined offering to reduce existing indebtedness," the company said in a statement on Wednesday.
AAP reports the announcement sent ArcelorMittal shares down more than 5% in afternoon trading on the Paris stock exchange. The overall market was stable.
ArcelorMittal said the offering, plus other measures, should enable the company to reduce its net debt to approximately $US17 billion by the end of June, from approximately $US22 billion at the end of 2012.
