In the face of depressed steel markets, global integrated steel producer ArcelorMittal has revised down its 2015 profit expectations and at the same time suspended its dividend and implemented other cash conservation measures. Therefore, our earnings and credit metric estimates are now weaker than previously expected and we see significant constraints for the rating, in the absence of a timely reversal in operating conditions and leverage trends. We are therefore revising the outlook on our 'BB' long-term corporate credit rating on ArcelorMittal to negative from stable. At the same time, we are affirming the short-term 'B' ratings. The negative outlook reflects our view that we could lower the rating on ArcelorMittal in the next three-to-six months. On Dec. 18, 2015,
