ArcelorMittal gets fresh loan commitment of USD 3 bn

Global steel giant ArcelorMittal on Thursday said it has got a loan commitment of USD 3 billion (about Rs 23,000 crore)  from a consortium of lenders amid global slowdown due to Covid-19 pandemic. The new credit facility will have a maturity of 12 months, L N Mittal-owned company said in a statement.

"ArcelorMittal has received underwriting commitments in respect of a new USD 3 billion credit facility... and credit facility can be used for general corporate purposes," the steel maker said. The credit facility represents a new commitment from lenders BNP Paribas, Credit Agricole Corporate & investment Bank, J P Morgan and Societe Generale. However, the company currently has no immediate need to draw on this new credit facility.

The fresh credit facility, ArcelorMittal said, will provide additional financial flexibility in the current extraordinary circumstances. "It further enhances the company's already strong liquidity position of USD 10.5 billon as of 31 December 2019," it said.