Page 16 - Arcelormittal

Indian-origin tycoon to acquire Mittal's US unit

The 6,00,000 sq ft Georgetown plant sits on 60-acre site next to deep-water port along Sampit River

ArcelorMittal to focus on asset optimisation; curtail investment plans

Global steel giant ArcelorMittal has decided to curtail M&A and new investment activities following tough economic and market conditions. The world's largest steelmaker will now focus on asset optimisation and sale of non-core assets. "Due to difficult economic and market conditions, ArcelorMittal has curtailed M&A (Mergers and Acquisitions) and greenfield investment activity," NRI billionaire Lakshmi Mittal-led company said in its latest annual report. ArcelorMittal, which was created after an over USD 30 billion merger of Mittal Steel and Arcelor in 2006, said its focus is on improving its costs through management gains programme, non-core asset disposals and resizing operational footprint through asset optimisation. The company has continued to dispose of non-core assets and sold its minority shareholding in Gestamp as part of this strategy. Earlier, it disposed of Gallatin, Circuit Foil Luxembourg, ATIC and its steel cord business. The company in its latest annual ...

ArcelorMittal posts $403 million net profit in Dec quarter

The company's operating income during the fourth quarter was at $809 million

ArcelorMittal tempers steel's recovery hopes

As the industry bellwether crimps fourth quarter results due to rising coking coal prices, fears grow others might be hurt too

ArcelorMittal says new EU plans for CO2 permits pose business threat

Under new system, steel makers will receive reduced number of permits from 2021 to 2030, forcing them to purchase the required licences

India expects ArcelorMittal JV to start production in two years

SAIL and ArcelorMittal, the world's largest steel producer, signed a preliminary agreement in May last year

ArcelorMittal, Marcegaglia submit offer to buy Italy's Ilva

The offer included a commitment to bringing Ilva in-line with European environmental standards and legislation

ArcelorMittal buys back bonds worth $576.30 mn

Firm will fund offers with existing cash resources, and reduce gross debt through early repayment of medium-term bonds

ArcelorMittal pushes bid for Italy plant

ArcelorMittal has asked Italy's state lender Cassa Depositi e Prestiti (CDP) to back its bid for the troubled Ilva steel plant as it fights competition from two other bidders, according to an interview published in Il Sole 24 on Friday.On Tuesday, the Italian government extended to June 30 the deadline for presentation of offers for Europe's largest steel plant by capacity and said it would take four months to assess environmental aspects of the bids. The government took over administration of the business last year to try to save 16,000 jobs.and clean up its polluting factories in the southern Italian city of Taranto.The head of mergers and acquisitions at ArcellorMittal, the world's top steel producer, described the acquisition of Ilva as "strategic" in the interview.Ondra Otradovec told the newspaper that ArcellorMittal would bid for Ilva in partnership with Italian group Marcegaglia, confirming remarks made this week by Marcegaglia's chief executive.Otradovec said ArcelorMittal wou

ArcelorMittal suspends Quebec mine project on weak market

The firm, which employs 2,500 workers at the mine, informed the union that it will not be starting an 'offload' project in June

Steelmaker ArcelorMittal cuts losses, eyes better times ahead

Company reduced its net losses in the first quarter to $416 million compared to $728 million in the same period last year

ArcelorMittal to sell LaPlace and Vinton steel plants in US

CEO Lakshmi Mittal said it has entered a definitive transaction agreement to sell to an affiliate of Black Diamond Capital Management

ArcelorMittal's $3 billion rights issue likely to open on March 14

The launch of rights offering is also subject to approval by Luxembourg supervisory authority for the financial sector

Low iron ore, steel prices to continue in 2016: ArcelorMittal

The world's largest steelmaker outlined a plan to reduce its $15.7 billion net debt by nearly a quarter

South Africa forms committee to monitor ArcelorMittal's pricing

Last year, Mittal had to call on South African government authorities to help bail out his South African operations