December 30, 2009 (FinancialWire) — Steel firm ArcelorMittal (NYSE: MT) has issued, via a wholly-owned Luxembourg subsidiary, a $750 million bond mandatorily convertible into preferred shares of such subsidiary.

The bond was placed privately with a Luxembourg affiliate of Calyon and will not be listed. The bond will have a maturity of 17 months and ArcelorMittal will be entitled to call it in the year prior to maturity.

According to ArcelorMittal, the subsidiary will invest the proceeds of the bond issuance and an equity contribution by ArcelorMittal in notes linked to shares of the listed companies Eregli Demir Ve Celik Fab. T. AS of Turkey and Macarthur Coal Ltd. of Australia, both of which are held by ArcelorMittal subsidiaries. The subsidiary may also, in agreement with Calyon, invest in other financial instruments.

ArcelorMittal said it has no intention to sell its shares in Erdemir or Macarthur.

The company operates in global steel markets, including automotive, construction, household appliances and packaging, with R&D and technology, as well as sizeable captive supplies of raw materials and distribution networks.

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