The steel group ArcelorMittal has agreed with banks to ease conditions return $ 26 billion in loans , reports the July 17 Financial Times.
What do you think? say
We are talking about agreements with several bank consortia, which provided the world's largest steel producer credit in the past years. The new agreements will ease fears that the company will have to declare a default of these payments. On Friday, ArcelorMittal announced that it has agreed with the banks to change the terms of the agreements on lines of credit totaling $ 31 billion, none of which is not used. Changes related to specific the credit line amounting to 17 billion euros and two similar agreements a total of $ 7, 2 billion since 2001, company president and the largest shareholder is the Indian billionaire Lakshmi Mittal (Lakshmi Mittal), has demonstrated steady growth, partly due to bold policy mergers. However, since late last year she began the problems associated the global economic slowdown. Under the new agreement, banks will not expose ArcelorMittal late payment penalty charges if the ratio of net debt and pretax profit will not exceed 3, 5. On forecasts of industry analysts, the pretax profit in 2009, ArcelorMittal year range from $ 6, 5 billion to $ 8 billion if these predictions are correct, it means that the company will reduce the size of the debt and the agreement will not be infringed.
News by topic:
Previous and next news :