- ArcelorMittal (MT -12.9%) opens sharply lower after announcing a proposed offering of common shares and mandatorily convertible notes for a combined $2B.
- The company says the capital raise is a proactive measure to accelerate the achievement of its $7B net debt target.
- ArcelorMittal says its liquidity position stood at ~$10B as of March 31, supplemented by a new $3B equivalent credit facility fully executed on May 5.
- On Friday, Moody's cut ArcelorMittal’s credit rating to junk, saying the steelmaker is vulnerable to demand loss due to coronavirus.