On December 29, the world's largest steelmaker ArcelorMittal, announced that it has issued a $750 million convertible bond to help fund an investment in notes linked to shares of Turkey's Eregli Demir Celik Fabrikalari (Erdemir) and Australia's Macarthur Coal Ltd, both of which are held by ArcelorMittal subsidiaries.
Accordingly, the bond was placed with a Luxembourg-based affiliate of Calyon and matures in 17 months and is convertible into shares of the ArcelorMittal unit.
In addition, ArcelorMittal states that it has no intention of selling its shares in Macarthur or the Turkish flat steelmaker Erdemir.