ArcelorMittal, the leading steelmaker in the world, has been downgraded to a “junk” status by the ratings agency Fitch.
The Economic Times reports that “Fitch, now, does not expect ArcelorMittal to achieve the agency’s previous targets of funds from operations (FFO) gross leverage below 3.0x and EBIT margin above 5% by the end of 2014. For 2013, Fitch now expects an EBIT margin of around 2.5% with FFO gross leverage of between 3.5-4.0x.”
Read the whole story at The Economic Times.