Page 13 - Arcelormittal

ArcelorMittal reports $447 mn loss for June quarter due to low steel prices

Sales increased to $19.3 billion during the quarter as against $19.2 billion in the year-ago period, registering a marginal rise of 0.5 per cent

ArcelorMittal hopes to close deal for Essar Steel acquisition in Q3

On July 4, 2019, the NCLAT approved our resolution plan for the acquisition of Essar Steel India

Setback for ArcelorMittal: Caymans court denies freeze on Essar Global Fund

ArcelorMittal has mounted legal battles against the Ruia family in multiple countries in an effort to enforce a $1.5 billion US arbitration award it had won in December 2017

If not quashed, Essar Steel ruling can unravel India's insolvency reform

The ruling can make credit costs for India Inc. surge, shares of state-run banks swoon and foreign investors flee

Banks warn of 'severe plunge' in recoveries after bankruptcy ruling

Banks are joining foreign funds including SC Lowy in predicting risks from the Essar Steel sale

Liberty Steel acquires ArcelorMittal assets in Europe for Rs 5,782 crore

The seven sites employ over 14,000 people

India eyes Asian steel mills for JV with SAIL on ArcelorMittal deal delay

The steel ministry is in talks with mills including Nippon Steel Corp., Mitsubishi Steel Manufacturing Co. and Posco for a joint venture

Appellate tribunal reserves order on ArcelorMittal takeover of Essar Steel

A batch of petitions and issues over distribution of funds led the NCLAT to reserve the takeover order

Reject ArcelorMittal's Essar Steel bid as it misled courts: Prashant Ruia

Essar Steel Asia Holdings moves NCLAT with petition claiming ArcelorMittal, Lakshmi Mittal misled court, hid facts

ArcelorMittal to temporarily cut flat steel output in Europe by 3 mn tonne

The company said high energy costs and increasing carbon costs are adding to the tough environment

ArcelorMittal gets EC nod to sell European steel assets to Liberty House

The transaction closing is anticipated to occur before the end of the first half of this year

NCLAT refuses to stay NCLT order to ArcelorMittal's Rs 42k-cr takeover bid

It asked State Bank of India-led CoC to bring a fresh distribution plan at the next date of hearing, saying "there cannot be any discrimination... all are equal"

Lakshmi Mittal vs Ruias: Steel tycoons fight over $1.5 bn arbitration award

Lakshmi Mittal has opened a new front in the UK in a worldwide legal battle with the Ruia family.

ArcelorMittal plans Rs 18,697-crore capex for debt-laden Essar Steel

ArcelorMittal has said the capital expenditure plan of Rs 18,697 crore will be implemented over six years

Facing risks like excess capex on proposed Essar acquisition: ArcelorMittal

Global steel giant ArcelorMittal has said it is staring at various risks including excess capex and delays in achieving commercial objectives in view of its proposed acquisition of debt-laden Essar Steel India. The world's largest steelmaker ArcelorMittal's takeover proposal of the Essar Steel India Ltd (ESIL), via a joint venture with Nippon Steel & Sumitomo Metal Corporation (NSSMC), in a bankruptcy resolution process has been approved by the committee of creditors (CoC) and is pending before the National Company Law Tribunal (NCLT). "Should the resolution plan be implemented, as is currently expected, it would subject ArcelorMittal to various risks. On the operational front, the industrial project to turnaround ESIL and further improve operational profitability is large-scale and ambitious," ArcelorMittal said in its annual report released late on Monday. It said while the company has "substantial experience in turnaround situations", the scale of this one is particularly large

ArcelorMittal buys back four million shares worth $89 million

The shares acquired under this programme "are intended to meet ArcelorMittal's obligations arising from employee share programmes", the company said

Essar steel case: GPI Textiles withdraws plea against Arcelor's bid

With dues worth Rs 300 crore, the RP had moved NCLT Ahmedabad without prior approval of GPI Textiles' CoC or NCLT Chandigarh, under whose jurisdiction it fell

CoC to decide on ArcelorMittal, Royale revised bids for EPC Constructions

Lenders were also interested in equity infusion apart from the upfront payment

ArcelorMittal, JSW Steel likely to bid for Asian Colour Coated Ispat

JSW has an aggressive expansion plan and is on the lookout for smaller downstream units

JSW Steel, Tata Steel see no threat to business with ArcelorMittal's entry

Both companies see ample scope for new players in the market, where steel demand is likely to grow by a good 7-8% a year as against the global pace of demand growth of around 5%