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.
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.