Lakshmi Mittal, once India’s richest person, slipped in the rankings as his ArcelorMittal and the world’s biggest steelmaker and got hit by falling steel prices due to a global supply glut caused by rising exports from China. TheCompany said the loss was partly due to write-offs in its iron ore mining business. Arcelor sold its 35% stake in Spanish auto parts maker Gestamp for $1 billion in a bid to reduce its $15.7 billion debt. Its revenues fell 20% to $64 billion in 2015 and it reported a net loss of $7.9 billion, a seven-fold rise over the previous year .It also proposes to raise $3 billion to boost its capital. But Mittal, who has been not worried about his home country, is reportedly rethinking plans to build a new steel factory in South India.
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