The world's largest steelmaker ArcelorMittal has confirmed that the transfer of more than 80 percent of the outstanding debt from ArcelorMittal Finance to ArcelorMittal will occur on 31 October, 2008, and that ArcelorMittal Finance will be released from its obligations in respect of such transferred debt.
In a press release dated 18 June, 2008, ArcelorMittal had announced that the principal borrowing vehicle of the Group would be ArcelorMittal, the ultimate holding company of the Group, and that a substantial portion of the debt of ArcelorMittal Finance would be transferred to ArcelorMittal.
ArcelorMittal has also confirmed that bonds currently issued under the name of ArcelorMittal Finance are expected to remain outstanding and continue in the name of ArcelorMittal Finance until their final maturity date.