ArcelorMittal To Vote On Switching To U.S. Dollar From Euros

(RTTNews) - ArcelorMittal (MT) said that it will propose to shareholders that it changes the currency of its share capital to U.S. dollars from euros. It will hold a vote on the proposal at its extraordinary general meeting on May 16.

ArcelorMittal said it prepares its consolidated financial information in U.S. dollar and the ArcelorMittal parent company applies U.S dollar as its functional currency. In order to simplify the reporting process, including the translation of the tax losses from euro to U.S. dollar and the filing of a tax return in U.S. dollar, it is proposed to translate the share capital from euro to U.S. dollar.