Global integrated steel producer ArcelorMittal has announced an underwritten $3 billion equity increase and a $1 billion disposal to reduce net debt and underpin liquidity in the context of depressed steel markets. We have again revised down our earnings forecast, but pro forma credit metrics incorporating the capital increase are modestly stronger than we previously expected. We are therefore affirming our 'BB' long-term corporate credit rating on ArcelorMittal. The negative outlook continues to reflect our view that we could lower the rating on ArcelorMittal by one notch in the next six-to-twelve months if steel prices weaken further and if ArcelorMittal's EBITDA does not recover gradually after a likely very weak first-quarter performance. On Feb. 11, 2016, Standard&Poor's Ratings
