Page 10 - Arcelormittal

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%

Essar Steel operational creditor moves NCLT against ArcelorMittal takeover

In the settlement plan made by ESAHL, all the Rs 543.89 billion dues of financial and operational creditors will be settled

ArcelorMittal Q3CY18 net income drops 25% to $900 mn, debt touches $13 bn

Chairman and CEO Lakshmi N Mittal said the company has recently been named successful bidder for Essar Steel, which provides a unique opportunity to establish a meaningful production presence in India

ArcelorMittal exploring possibility of taking ownership of Uttam Galva

But, the firm is not looking at operational control of KSS Petron

ArcelorMittal to pay Rs 74.69 bn to creditors of Uttam Galva, KSS Petron

Around 80 per cent of the Rs 74.69 billion the firm pays would go towards meeting the dues of Uttam Galva. The balance would be for KSS Petron

ArcelorMittal offers Rs 45 billion to be eligible for Essar Steel bid

The amount calculated for Uttam Galva is Rs 39.87 billion and for KSS Petron Rs 5.67 billion

ArcelorMittal to sell assets to Liberty House as part of Ilva acquisition

The steel giant said that the closing of the deal with Liberty House, a metals and industrial group with operations covering more than 30 countries, was subject to completion of the Ilva acquisition

ArcelorMittal in talks with lenders on payment of dues as deadline looms

The Supreme Court had on October 4 granted time to ArcelorMittal and Numetal to clear dues for NPAs to be eligible to bid for Essar Steel

SC to decide on eligibility of ArcelorMittal and Russia's NuMetal: CoC

A bench of Justices R F Nariman and Indu Malhotra was told by Gopal Subramaniam, representing the COC, that the concept of "lifting of corporate veil" has to be given "exhaustive" interpretation

Arcelor wrongly allowed to pay dues after bidding for Essar Steel: NuMetal

ArcelorMittal had earlier claimed that NuMetal was not eligible to bid for Essar Steel on several grounds

SBI-led banks asked ArcelorMittal to pay dues of two firms: NuMetal to SC

SC had earlier asked NuMetal to establish that there was "subterfuge" on part of rival ArcelorMittal in divesting its shares in two debt-ridden firms before bidding for Essar Steel