The world's largest steel producer ArcelorMittal has announced that it has provided a $50 million convertible subordinated loan to North America's largest producer of laser-welded steel products, Noble International, Ltd. Noble will use this financing to reduce its North American senior debts and to support its operations.
ArcelorMittal also has announced the acquisition of an additional 10.31 percent of shares in Noble. This acquisition will increase ArcelorMittal's shareholding in Noble to approximately 49.95 percent.
In 2007, Noble and ArcelorMittal had entered into a transition services and steel supply agreement to support Noble's European operations. According to the agreement, Noble would have access to ArcelorMittal's automotive-related research and development efforts.
Noble is the world's biggest producer of laser-welded steel products.