LUXEMBOURG: The world’s largest steel producer, ArcelorMittal, says it hopes to raise $3 billion in fresh

capital and sell a minority stake in automotive engineering company Gestamp to reduce its debt, amid a troubled outlook for the global industry. CEO Lakshmi Mittal said on Friday the Luxembourg-based company hopes to reduce net debt to less than $12 billion. Net debt stood at $15.7 billion at the end of last year.