ArcelorMittal offers to buy up to $750 million worth of debt

ArcelorMittal's offices at Indiana Harbor in East Chicago are shown. The company is buying up to $750 worth of debt.

ArcelorMittal, one of Northwest Indiana’s biggest employers, is offering to buy up to $750 million worth of debt.

Fresh after turning a $1.9 billion profit in the second quarter, its best financial performance since 2011, the Luxembourg-based steelmaker is offering to purchase outstanding notes in cash for a $50 premium per $1,000, plus interest. Debt holders have until Aug. 20 to take the offer.

ArcelorMittal plans to make payouts between Aug. 22 and Sept. 6.

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The steelmaker currently has gross debt totaling $13.5 billion. The company, which consolidated much of the U.S. steel industry after its collapse during the import crisis of the early 2000s, reduced net debt to $10.5 billion, down from $11.1 billion during the first quarter, while still investing $1.2 billion into operations.

The multinational steelmaker, with an industrial footprint in 18 countries and a presence in 60 countries, produced 93.1 million tons of steel and 57.4 million tons of iron ore last year, bringing in revenues of $68.7 billion.


Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.