Global steel giant ArcelorMittal on Thursday said it has got a loan commitment of USD 3 billion (aboutRs 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.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app