Bloomberg News

ArcelorMittal Says Its Algerian Unit Isn’t in Default

January 06, 2012

Jan. 5 (Bloomberg) -- ArcelorMittal, the world’s largest steelmaker said its ArcelorMittal Annaba unit in Algeria isn’t in default.

Both shareholders of the unit “will temporarily offer a guarantee in order to solve the immediate situation and to continue normal operations,” Luxembourg-based ArcelorMittal said today in an e-mail. “This local situation does not affect the relationship between ArcelorMittal Group and any of its core banks.”

ArcelorMittal Annaba defaulted on a loan that expired Jan. 3, Mohamed Guedha, the unit’s communications director, said earlier today by telephone.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus