03.12.2013 15:30:00

ArcelorMittal -- Moody's comments that ArcelorMittal's consortium acquisition of ThyssenKrupp's US steel processing plant of Calvert, Alabama will not change its ratings or outlook

London, 03 December 2013 -- On 29 November, ArcelorMittal (AM, Ba1 negative) announced, together with Nippon Steel & Sumitomo Metal Corp (NSSM), an agreement with ThyssenKrupp (TK) to acquire ThyssenKrupp Steel USA which main assets is constituted by a processing plant located in Calvert, Alabama, with a capacity of 5.3 million tons. The agreement to purchase the Alabama plant also includes a long term agreement (6 years) to buy 2 million tons of steel slabs annually from CSA (TK's Brazilian steel plant). The remaining slab balance for the US plant will be sourced from AM's plants in the US, Brazil and Mexico. The acquisition will negatively affect the credit metrics of AM at the outset, however Moody's expects the impact to be limited in size; the deal will offer long term benefits to ArcelorMittal's business position in the USA. As a result, ArcelorMittal's Ba1 Corporate Family Rating, and negative outlook should remain unchanged following the transaction.

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