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ArcelorMittal sells shipping stake in drive to cut debt

Updated : December 23, 2019 02:08 PM IST

The company, whose net debt stood at $10.7 billion at the end of September, said on Monday the sale of the stake in Global Chartering Ltd (GCL) to DryLog Ltd would cut its debt by $530 million.
GCL operates 28 dry cargo vessels, 25 of which are on long-term leases and three owned outright, and will continue to handle a share of ArcelorMittal's shipments.
ArcelorMittal sells shipping stake in drive to cut debt

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