ArcelorMittal, the world's largest steelmaker, launched plans on Friday to raise $3 billion in fresh capital in a bid to reduce debt in the face of weak steel and mining sectors.
The company, twice the size of its nearest rival, simultaneously issued full-year results, with core profit at the bottom of its guidance range, and forecast a further decline in profitability in 2016.
Apart from the capital increase, the company said it would also receive almost $1 billion from the sale of a 35 percent stake in Spanish automotive steel specialist Gestamp.
"This capital raise, combined with the sale of our minority shareholding in Gestamp, will accelerate the company's debt reduction plans and enable us to reduce net debt to less than $12 billion," Chief Executive Lakshmi Mittal said in a statement.
Net debt was $15.7 billion at the end of 2015.