Diabytes
ArcelorMittal News
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Lakshmi Mittal, the Indian-born steel magnate, achieved global success by transforming his family's steel business into the world's largest steel producer, ArcelorMittal, through strategic acquisitions and efficient management.
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The world's largest steelmaker had posted a net income of USD 0.4 billion in the year-ago quarter, the company said in a statement.
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Tata Steel plans to cut jobs across its European operations as it wrestles with excess supply and high costs, the company said on Monday.
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A two-member bench headed by Chairman Justice S J Mukhopadhaya said that ArcelorMittal may have to deposit the money in a separate account either before the NCLAT or NCLT Ahmedabad-bench.
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A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
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The top court asked the Committee of Creditors to take a decision within eight weeks on rival bids of NuMetal and ArcelorMittal for Essar Steel.
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Without disclosing the amount, the Luxembourg-headquarterd firm said that it has submitted a revised proposal to Essar Steel India Ltd's (ESIL) Committee of Creditors (CoC).
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ArcelorMittal operates six facilities at three ports in Mexico.
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Founded by Shashi and Ravi Ruia, Essar Steel was referred to the National Company Law Tribunal last year after accumulating nearly Rs 50,000 crore in debts.
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Meanwhile, EU antitrust authorities have opened a full inquiry which is likely to see ArcelorMittal`s junior bid partner, Italian steel processor Marcegaglia, exit the deal to buy Ilva.
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According to the information on Bhushan Steel Ltd website, the company is the 3rd largest secondary steel producer in the country with an existing steel production capacity of 5.6 million ton per annum.
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The Luxembourg-based company, known for turning around troubled steel assets, is looking for a foothold in India.
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The European Union has imposed provisional import duties of as much as 28.5 percent on certain Chinese corrosion-resistant steels after an eight-month investigation found that the products benefited from unfair subsidies.
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There were differences between the two companies on certain points under the Memorandum of Understanding, so it was decided to extend it for another three months from the deadline of May 31, 2017, the official said.
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ArcelorMittal, the world`s largest steel producer, said on Wednesday it has agreed to make concessions to Steel Authority of India on technology transfer to seal a delayed $897 million automotive joint venture.
The world's largest steelmaker ArcelorMittal on Friday reported a net profit of USD 1 billion for the quarter ended March 31, 2017 but reported a rise in net debt to USD 12.1 billion during the period.
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ArcelorMittal today reported a net profit of USD 403 million for the quarter ended December 2016 on the back of better sales and higher operating income.
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China`s Baosteel Group fleshed out its plans to buy rival Wuhan to create the world`s second-largest steelmaker behind ArcelorMittal on Thursday, part of Beijing’s effort to consolidate its fragmented steel industry.
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The proposed USD 1 billion JV between global steel giant ArcelorMittal and India's largest producer of the metal SAIL will be finalised by December.
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