STOCK MARKET WATCH -- Friday, 5 February 2016

[Hotler]

2. The world's biggest steel maker just lost $7.9 billion

ArcelorMittal, the world's biggest steelmaker, and BG Group, the FTSE 100-listed oil giant, both took big hits last year, according to financial results released on Friday morning.

Let's start with Arcelormittal, the Dutch listed steel giant. Arcelor — whose boss Lakshmi Mittal was once the 6th richest man on earth — took an enormous loss of $7.9 billion (£5.4 million) in 2015, as the price of iron ore, a key component in making steel, continued to tank last year. The company is also trying to raise a whopping $3 billion (£2.06 billion) to deal with debt. The price of iron ore — a key ingredient in steel — fell by nearly 40% over the course of 2015.

$3 billion more in debt being added to the mountain of debt that is being pointed the straw that will break economic camels back sometime this year.

http://www.msn.com/en-us/money/companies/the-worlds-biggest-steel-maker-just-lost-dollar79-billion/ar-BBp9VH6?li=BBnbfcL&ocid=iehp

On the side note; I'm in the structural steel business and lower steel prices can be a good thing.