A roll of steel at a Belgium plant Mark Renders, Getty Images

ArcelorMittal Selling Shares to Raise $3 Billion

Want to buy some more of the largest steelmaker in the world? You can (provided you already own at least some stock), for $2.44 per share, as the company turns to investors to help cut debt.

World steel leader ArcelorMittal wants to cut its debt and is turning to investors in an effort to do so.

According to a report in The Times of Northwest Indiana, the company will sell existing stockholders as many as seven new shares at $2.44 per share for every 10 they already own. ArcelorMittal lost about $8 billion last year, including $6.7 billion in the fourth quarter, and has about $16 billion in debt.

CEO Lakshmi Mittal and his family will retain a 37% share of the Luxembourg-based company.

Read more about the developing story.

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