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On 24 March steelmaker ArcelorMittal issued €1.25 billion (US$1.7 billion) in convertible bonds, seeking to boost its balance sheet in what has become a challenging market for the steel industry.

The convertible bond issue was five times oversubscribed, helping the company¡¯s share price climb by 7.6% the same day to close in Paris at €15.80.

The five-year bonds can be converted into shares once the company¡¯s share price rises 32.5% above its average share price of about 15 at the time of the issue, and carry a coupon of 7.25%.