Page 3 - Arcelormittal

ArcelorMittal denies deal to buy out Tauron from joint venture GDANSK

ArcelorMittal holds a 50% stake in Tameh Holding via two of its subsidiaries, with Tauron owning the rest

Adani, JSW Cement, and ArcelorMittal eyeing Vadraj Cement in IBC Sale

The Bombay High Court ordered the winding up of Vadraj Cement in August 2018, leading to the decision to sell the company under the IBC process

Steelmaker AM/NS India's Ebitda up 161% on higher shipments, lower costs

Shipments were 11.6% higher at 1.9 million tonnes compared to 1.7 mt in the previous quarter

ArcelorMittal SA's Q3 profit drops as steel market demand weakens

"The company remains positive on the medium/long-term steel demand outlook," ArcelorMittal said in a statement on Thursday

Close to taking over ArcelorMittal unit, no plans to resell: Kazakhstan

Sharlapayev told reporters the government would not spend money from the budget on the deal, but did not say how much Kazakhstan was going to pay

Coal mine fire in Kazakhstan kills 28 workers, investigation underway

A coal mine fire in central Kazakhstan killed at least 21 workers while another 25 remained unaccounted for on Saturday, the operating company ArcelorMittal Temirtau said in a statement. Some 252 people were working at the Kostenko coal mine at the time of the blaze, believed to have been caused by a pocket of methane gas, the company said. ArcelorMittal Temirtau is the local representative for Luxembourg-based multinational ArcelorMittal, the world's second-largest steel producer. It operates eight coal mines across the Karaganda region and a further four iron ore mines in central and northern Kazakhstan. The fire is the latest in a string of workplace deaths at sites operated by ArcelorMittal Temirtau. In August, four miners were killed after a fire erupted at the same mine, while five people died following a methane leak at another site in November 2022. In the statement, the company conveyed pain at the lives lost and said their efforts are now aimed at ensuring that affected .

JSW Steel, ArcelorMittal in race to buy Vedanta mines, steel assets

Vedanta's ask price for both assets at Rs 10,000 cr

Strong domestic demand, raw material cost, pushing up steel prices

Flat steel prices began their ascent from August after experiencing a slump between May and July. Nevertheless, trade prices remain shy of their April marks

AMNS India's Hazira project to be commissioned by 2026: Laxmi Mittal

ArcelorMittal executive chairman Lakshmi N Mittal on Wednesday expressed confidence that AMNS India's Hazira project, which is under expansion, will be commissioned by 2026. In October last year, ArcelorMittal's arm AMNS India had stated that it will invest Rs 60,000 crore to scale up capacity of its steel plant at Hazira to 15 million tonnes (MT). "We have full confidence that with the cooperation of the Centre and Gujarat government, we will be able to commission the project by 2026, Mittal said here while speaking at the celebrations of 20 years of 'Vibrant Gujarat' summit. Hazira expansion project is moving at a fast pace and over 20,000 people are involved in the project construction, he said. "It is our target to double our production capacity in the first phase and then triple...we will also make advance products for technology," he said, adding it would help India reduce imports and become self-reliant. The company is also committed for sustainability, he said. He also sa

How steelmakers are turning up heat in furnaces for the war on emission

The startup world is also being tapped for innovative solutions by Tata Steel, ArcelorMittal, as well as JSW

AM/NS India likely to break ground for Paradeep steel plant in Dec-Jan

The joint venture between global steelmakers, ArcelorMittal and Nippon Steel, is looking at setting up two greenfield plants in Odisha - a 12 mt plant at Kendrapara district and 7 mt at Paradeep

ArcelorMittal eyes US Steel in bid worth over $7 billion, says report

The buy would reverse ArcelorMittal's retreat from US as a production base

ArcelorMittal looks to rope in Indian climate tech start-ups to go green

Launches first country-specific accelerator programme to achieve decarbonisation goal

ArcelorMittal reports over 50% fall in net income in April-June quarter

Global steel giant ArcelorMittal on Thursday posted over 50 per cent decline in its net income at USD 1,860 million in the April-June quarter. The company had posted a net income of USD 3,923 million in the corresponding period of last year. The Luxembourg-headquartered integrated steel and mining company follows the January-December fiscal year. In a statement, ArcelorMittal said it has "recorded net income in 2Q 2023 of USD 1,860 million as compared to USD 1,096 million in 1Q 2023 and USD 3,923 million for 2Q 2022". ArcelorMittal's net income for January-June or first half of 2023 was also down manifold at USD 2,956 million as compared to USD 8,048 million in 1H 2022. Total steel shipments in the second quarter (April-June) of 2023 were 1.2 per cent lower as compared with 14.4 MT in 2Q 2022, and 1.7 per cent lower from 14.5MT in the first quarter of this year. ArcelorMittal Chief Executive Officer (CEO) Aditya Mittal said: "We have delivered a strong set of financials in the fi

EU clears $3.2 bn in green subsidies for Thyssenkrupp, ArcelorMittal

The move highlights Brussels' efforts to help local industry decarbonise production and remain competitive with global rivals

ABB India to provide electrification, automation systems to AMNS India

ABB India on Friday said it will provide electrification and automation systems for ArcelorMittal Nippon Steel India's (AM/NS India) advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract comes through John Cockerill India Limited (JCIL), the original equipment manufacturer (OEM) for the project, ABB India said in a regulatory filing. "ABB India is providing advanced electrification and automation systems, including the ABB Ability System 800xA distributed control system (DCS) and associated equipment and components, to support enhanced energy efficiency, optimised zinc consumption and high levels of corrosion resistance throughout the steel production process," it said. This will support AM/NS India in its bid to reach greater levels of sustainability at Hazira. The new CRM with advanced processing lines is due to be commissioned in 2024, the company said. "The new processing lines are designed to produce new-age value-added steel, embedding the most demanding ...

AMNS India's operational profit falls to $341 mn in March quarter

Steel player AMNS India on Thursday said it has posted a 27.44 per cent fall in its operational profit at USD 341 million (about Rs 2,788 crore) during the March 2023 quarter. The company's earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at USD 470 million in the January-March period of 2022, parent firm ArcelorMittal said in a statement. AMNS India follows January-December financial year. "EBITDA during 1Q 2023 of USD 341 million was higher as compared to USD 162 million in 4Q 2022, due to higher steel shipments, higher average steel selling prices and lower costs (including energy costs). However, it was lower as compared to USD 470 million in 1Q 2022, due to lower prices offset in part by higher steel shipments," it said. ArcelorMittal in joint venture with Nippon Steel of Japan owns and operates about 9 million tonne steel plant in Gujarat. In 2019, ArcelorMittal along with Nippon Steel completed the acquisition of the Essar Steel Ltd plant locat

NCLT approves AM Mining resolution plan for Indian Steel Corporation

The NCLT passed the order on April 13. The total amount under the resolution plan is Rs 897 crores, out of which the secured financial creditors would receive Rs 810 crores

NCLT okays AM Mining India's resolution plan for Indian Steel Corporation

ArcelorMittal India on Monday said a resolution plan submitted for Indian Steel Corporation by its arm AM Mining India has been approved by the NCLT, Mumbai. In a statement, ArcelorMittal India Pvt Ltd said it "welcomes National Company Law Tribunal (NCLT) order on Indian Steel Corporation Ltd (ISC)". It looks forward to implementing the recently passed resolution plan in due course, ArcelorMittal India Pvt Ltd said without sharing any details with respect to the resolution plan submitted for ISC. With an annual capacity of six lakh tonne per annum (LTPA), Gujarat-based ISC is a steel processing company with operations spanning cold-rolled, galvanised, and colour-coated steel products, it said. The port-based facility specialises in manufacturing value-added steel products that cater to the automotive, construction, home appliance, and general engineering sectors. Dilip Oommen, Executive Vice President, ArcelorMittal, said, "The acquisition of ISC will enhance our downstream ...

ArcelorMittal Nippon Steel selects IBM for cloud-powered transformation

ArcelorMittal Nippon Steel India, a joint venture between ArcelorMittal and Nippon Steel, has selected IT major IBM to drive cloud-powered transformation, a statement said on Tuesday. ArcelorMittal Nippon Steel India (AM/NS India), the joint venture of the two leading steelmakers, is an integrated flat steel manufacturer with over 600 steel grades and serves multiple industries and key markets through its India, Indonesia, and Dubai business entities. With capacity expansion plans on a roll, the company recognised that its core business processes will require the necessary scalability and flexibility to support growth. Towards this, AM/NS India tapped into IBM Consulting's cloud-powered business transformation capabilities and expertise in the metals and mining industry prevalent in India. "IBM today announced that ArcelorMittal Nippon Steel India...has collaborated with IBM Consulting to reinvent mission-critical processes in order to boost agility, and efficiency with digital ...