BRUSSELS, Belgium (AP) -- ArcelorMittal, the world's largest steelmaker, will increase its stake in U.S.-based car parts supplier Noble International Ltd. to just under 50 percent and lend it $50 million, officials said Tuesday.
ArcelorMittal said it provided Troy, Mich.-based Noble with a five-year loan to help the company reduce its North American debt and to support its operations.
It will also buy an extra 10 percent stake in Noble from chairman and founder Robert Skandalaris to bring ArcelorMittal's stake in Noble to 49.95 percent.
Noble is the world's largest producer of laser-welded steel products such as car parts and car part assemblies. ArcelorMittal is its main customer and supplier as well as its biggest shareholder.
Noble CEO Thomas Saeli said the cash injection would help the company put problems with debt conditions behind it.
