Steel company ArcelorMittal this week confirmed that on 3 April 2017 it will redeem all of its outstanding US$1.5 billion (€1.426 billion) 9.850% notes due June 1, 2019, amounting to US$850,879,000 (€809,231,000) on 3 April 2017 at the greater of either 100% of the principal amount on the notes to be redeemed or the sum of the present values for their remaining scheduled payments, subject to defined discounts, plus 50 basis points. The company said that the treasury rate will be calculated on the third business day preceding the redemption date.