Arcelor secures Euro 4 billion loan

Luxembourg-based steelmaker Arcelor said that it has signed a Euro 4 billion ($4.97 billion) three-year loan with a group of banks. The three-year loan will be used by Arcelor to maintain its financial flexibility after its recent acquisitions, said the company in a statement. The loan has been signed with ABN Amro Bank, Credit Mutel-CIC, Dresdner Bank AG, Fortis Bank NV/SA and Natexis Banques Populaires. As of yesterday, 12 other leading banks have committed to participating in the operation, Arcelor said, adding that the loan is now 70 percent over-subscribed.