ArcelorMittal Selling Shares to Raise $3 Billion

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.