Difficult period for steel market - ArcelorMittal is selling property

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Due to market situation, the biggest world steel producer generated net loss of USD 7,9 billon for 2015 , more than four times higher than the loss generated last year (USD 1,8 billon), agencies report.

In order to compensate for minus, ArcelorMittal will go through shareholders and capital increase of USD 3 billion until mid-2016 and will sell its 35 % stake at Spanish automotive industry Gestamp which is how it will generate a billion dollars more.

Generally speaking, the latest plan aims at improving structural EBITDA for three billion dollars until 2020.

The Group is expecting gross profit over USD 4,5 billion in 2016 based on current market terms, AFP reported.