The turnaround of SAIL from several quarters of losses was one of the most challenging experience, said Anil Kumar Chaudhary, the outgoing chairman of the country's largest steel maker. The chairman said he also wants to see SAIL paying back at least 50 per cent of its debt in the near future. Chaudhary who had joined SAIL as a junior manager in 1984 would be superannuating from the top post on December 31, 2020 after serving the company for almost 36 years in various roles.
British Indian artist Anish Kapoor on Saturday unveiled Britain's tallest sculpture, a twisted tangle of steel sponsored by ArcelorMittal, next to the Olympic Stadium that he called 'awkward but beautiful'.
India produced 179 more super-rich people this year led by Adani Group's Gautam Adani who amassed a whopping wealth of Rs 365,700 crore or more than Rs 1,000 crore daily, and the number of such individuals has crossed the 1,000-mark. Geographically, five more cities are home to super-rich taking the total number of super-rich cities to 119 and these 1,007 individuals cumulatively added 51 per cent more wealth in 2021. The average wealth increased by 25 per cent this year that also saw the livelihoods of thousands of people being hit by the coronavirus pandemic.
With the threat of a third Covid-19 wave looming large, companies are scrambling to protect employees and keep operations safe--from a no-jab-no-entry-at-workplace policy to ramping up vaccination, it's an all-out effort to prevent the scale of devastation seen in the first two waves. At least two top steel companies--Tata Steel and ArcelorMittal Nippon Steel India (AM/NS India)--are pushing for vaccination certificates for entry into work premises. AM/NS India, a joint venture between world's leading steelmaker, ArcelorMittal, and Japan's Nippon Steel, is set to make vaccination the certificate a requirement from July 1.
Mukherjee, 60, responsible for Asia, Africa, the CIS, mining, stainless and pipes and tubes, will retire on May 13, the date of the company's annual general meeting, a company release said. The board of directors will propose to the AGM of shareholders that he will be appointed as a non-executive member of the Company's Board of Directors effective from that date.
When the world was upended by the Covid-19 pandemic, metals got its shine back. In the last two years, infrastructure spending by major economies spurred demand, energy transition and intermittent supply disruptions fuelled a scorching rally in metals after a downturn during the first Covid wave. Now, Russia's war on Ukraine is ensuring that elevated prices stay the course.
Two of the world's leading steel-makers, ArcelorMittal and Posco, had proposed to invest Rs 91,000 crore (Rs 910 billion) for setting up mega steel units in Orissa, but their actual investment was negligible even about half a decade after signing MoUs with the state government.
Walmart CEO Douglas McMillon came first in the CEOWORLD magazine's global ranking of the best chief executives across all industries for 2019.
The mineral-rich state has entered into a large number of agreements for mega projects with investors and so far there has been no exodus of industrial houses.
Industry experts say that even though international companies face problems in setting up new projects on their own, given the problems associated with acquiring land and rehabilitating the displaced people, their keenness to become a part of the growing Indian market remains intact.
The Centre has sought certain clarifications from Jharkhand on its recommendation to grant iron ore mining licence to ArcelorMittal, a move that will further delay the steel giant's Rs 50,000-crore (Rs 500 billion) proposed steel plant in the mineral-rich state.
The company's statement comes amid reports that the steel tycoon will get a one billion pound windfall from a European scheme to curb global warming, if it chooses to sell its excess carbon credits.
The proposed FDI of Rs 503.37 crore (Rs 5.03 billion) by ArcelorMittal, Netherlands, has been approved by the Foreign Investment Promotion Board, the finance ministry said in New Delhi.
In corporate India where family disputes have become far too common, the Miglanis work as a team.
Though the preparatory work has been under way for two years, the financial effect of abandoning the plants would be 'negligible' since no land had so far been acquired and no building work has been done.
Steel baron Lakshmi Mittal has spent millions of dollars for lobbying with US lawmakers on a variety of issues, including support for action against China's unfair trading practices and export restrictions.
The sale of the NPA account is to happen through e-auction on January 30, as per the bid invite.
ArcelorMittal wants to cash in on the demand for steel in India but said it is constrained by the delays in getting mining and environmental clearances for the projects.
NRI steel tycoon Lakshmi Mittal has suffered a $50 billion decline in the value of shares he holds in the ArcelorMittal following the global financial meltdown, a leading economic daily has claimed.
India Ratings expects long products demand growth to be sharp, supported by a demand push from the government-led infrastructure investments in affordable housing, railways, rural electrification and road networks.
One of the youngest - and most enigmatic - executives in any large company is Aditya Mittal, the 32-year-old chief financial officer of ArcelorMittal, the world's biggest steelmaker.
So while awaiting Chinese government approval to take a controlling 73 per cent interest in China Oriental, ArcelorMittal is also proceeding with another deal that would give it an equally controlling 55 per cent of the company.
ArcelorMittal's Orissa R&R package is significant because South Korean steel major Posco, which had signed an MoU with the state government to establish a 12 million tonne plant at Paradip 18 months before the Mittals came up with their Orissa proposal, is yet to finalise its R&R package. Meanwhile, ArcelorMittal has presented its R&R plan to the Keonjhar district administration. It plans to spend the earmarked amount over a period of more than five years.
Indian billionaire Lakshmi Mittal-led ArcelorMittal, the world's biggest steelmaker, has become the first foreign company to acquire controlling stake in a Chinese steel firm -- China Oriental -- in a deal valued at about $1.6 billion.
ArcelorMittal has sold part of its stake in a Chinese steelmaker it wants to control so it can meet the minimum free float requirement in Hong Kong where the shares trade.
Steel tycoon L N Mittal, who had acquired 69 per cent stake in state-owned Polish firm Polskie Huty Stali in 2004, has signed a pact with the Polish government to buy the remaining stake for $2.3 billions.
Once Bhushan Steel is into its fold, Tata Steel will increase its capacity from 12.7 million tonnes per annum (mtpa) to 18.3 mtpa
Russia's war on Ukraine has sent steel prices soaring to its highest levels in the domestic market since November 2021. But there is little cheer in the industry. That's because input costs are spiralling out of control, leaving the big boys nearly as high and dry as the small, medium and secondary steel producers. Russia and Ukraine are major providers of steel and raw materials to the world.
But he is actively pursuing greenfield steel plants in Karnataka and Jharkhand; ultimately, only one of these might come up.
The world's largest cruise ship Harmony of the Seas, is all set for its maiden voyage.
Hemant Shivsaran lists the number of projects the Modi government has announced since August to woo Gujarat voters.
With the dizzying rise in the number of Covid-19 cases in the country, India Inc has transitioned from a wait-and-watch policy to full-on emergency mode, bringing back remote and flexi work, stringent safety protocols, and allowing only essential travel. Companies - especially in metros like Delhi, Mumbai and Kolkata - that had adopted a hybrid work model during the last few months when the caseload remained low, are either switching back entirely to work-from-home (WFH), or calling skeletal staff to office on select days. Take the case of cigarettes-to-hotels major, ITC, which had been on a hybrid work model over the last few months.
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
The panel also recommended deduction of bank guarantee of four mines, including one given jointly to the world's largest steel producer ArcelorMittal and GVK Powers, an official statement said.
The steel magnate, however, said that with the measures that the Indian government has announced in last couple of months, the confidence is starting to build up.
Meeting in the midst of a raging controversy, an inter-ministerial group on coal blocks on Monday skirted a decision on cancelling allotments of 58 mines, but firmed up the guidelines for forfeiting of bank guarantees for failure to develop them.
It will not shut down two blast furnaces at the Florange facility which will retain 650 workers whose jobs were under threat.
Air Asia is partnering with Tata Sons and little known Arun Bhatia for their India entry.
French government is up in arms against Lakshmi Mittal after 629 workers lost their jobs on closure of two furnaces of ArcelorMittal. Things have got so bad that President Holland has threatened to temporary nationalise ArcelorMittal. In France, people consider him as a big-bad mega-rich Indian who came to lay off workers and drive French steel industry to ruin.
Mittal confirmed ArcelorMittal's partnership with ONGC not over, even as there are few projects they are discussing.
