Production halts in Europe and the U.S. due to the COVID-19 pandemic resulted in an unprecedented steel demand drop in April, while demand will likely remain uncertain for the rest of the year. ArcelorMittal is pulling different financial policy levers to manage the industry crisis and minimize the effect on its operations and financial results, including the recently announced $2.0 billion capital raise, an ongoing divestment program, and other steps. We are therefore affirming our 'BBB-' long-term issuer credit and issue ratings on the company and its debt. The negative outlook reflects continuous pressure from weak market conditions and credit metrics that are currently below the 'BBB-' rating threshold. The affirmation is supported by ArcelorMittal's financial policy actions, together with
