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Fitch trims ArcelorMittal
Fitch Ratings said it downgraded ArcelorMittal SA's long-term issuer default rating and senior unsecured ratings to BB+ from BBB-. The outlook remains negative.
“Fitch anticipates that steel demand will drop as major steel-consuming industries were largely affected. With auto sales collapsing, major auto producers announced large scale temporary closures. Several manufacturing activities are under pressure, construction activity is contracting,” Fitch said in a press release.
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