Page 12 - Arcelormittal

ArcelorMittal shareholding in Uttam Galva transferred to group firm

Though ArcelorMittal so far has not commented on its exit from Uttam Galva Steels, sources said it wanted to put to rest all questions raised around Section 29A

Letters to BS on lenders asking Lakshmi Mittal to repay KSS Petron's debt

Going strictly by the legality of the case, the lenders may not be able to recover the amount from Mr Mittal

Lenders ask Lakshmi Mittal to repay KSS Petron's debt worth Rs 13.4 bn

Mittal bought 33% stake in KSS in 2011 for $300 million; KSS Petron is a defaulter to private sector banks also

ArcelorMittal makes strong pitch as eligible bidder for distressed assets

ArcelorMittal, the world's largest maker of steel, has made a strong pitch as an eligible bidder for distressed assets currently going through insolvency resolution.It issued a statement that recent amendments to the Insolvency and Bankruptcy Code were intended to prevent defaulting promoters from buying the same assets out of bankruptcy."We are a widely recognised and highly creditworthy international investor and do not believe this amendment should prevent ArcelorMittal from bidding for distressed steel assets in which we have had no prior involvement," went the statement.It also clarified, "We hold a non-controlling minority shareholding in Uttam Galva, have no representation on the board of directors, nor influence on management decisions. As such, we are not a promoter of Uttam Galva. Therefore, there is no objective reason for ArcelorMittal to be prevented from bidding for any steel asset under the restructuring process."The statement follows doubts raised regarding its bid ...

ArcelorMittal's bid for steel firms in trouble

In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels

ArcelorMittal team visits Bhushan, Essar plants for due diligence

Mittal was in India last week with a team of about 40 people for the due-diligence exercise, multiple sources said

World's largest steelmaker ArcelorMittal plans $1 bn Mexico investment

Steel magnate Mittal said that "starting immediately" ArcelorMittal will modernize assets at the Pacific coast port of Lazaro Cardenas

Likamva to invest in ArcelorMittal's embattled South Africa subsidiary

After a peak in the middle of 2008, AMSA's share price has seen a 98% drop

ArcelorMittal may bid for stressed steel assets

Sources indicated that it may be interested in Bhushan Steel or Essar Steel, depending on valuation

ArcelorMittal denies French pollution charge, says 97% residue recycled

We work to improve treatment & recovery of residues to reduce environmental footprint: 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