Vijay Bhatnagar, chief executive officer of ArcelorMittal India, said, "The move is aimed to ensure that these people, who have never handled large sums of money, do not get misguided by unscrupulous elements and end up losing their money. The objective is to figure out ways for these people, who have very little or no education and financial knowledge, to get the highest possible returns through the safest possible investments."
"Our Group Management Board has approved the constitution of a 15-member technical team for our steel projects in Orissa and Jharkhand under the supervision of our Chief Technical Officer Pierre Gugliermina," ArcelorMittal Brazil Chief Executive Officer Jose Armando Campos told PTI.
ArcelorMittal on Thursday reported a net income of $679 million in the first three months of this year mainly on account of improved steel demand.
Business tycoons at the Ambani's pre-wedding celebrations at Jamnagar, Gujarat.
The steel major, which had shifted its headquarters to Luxembourg had approached the authorities for related licenses.
"There could be a slight delay in getting the approval from SEBI, so there could be few days delay in starting the open offer but we are still on target to complete this transaction by middle of December."
"ArcelorMittal has shown interest in the stake buy and the due diligence will start soon," said an official familiar with the development. The Facor stock closed at Rs 23.5 a share on the Bombay Stock Exchange today. At the current price, the company has a market capitalisation of Rs 435 crore. However, the deal is expected at Rs 35 a share, about 50 per cent premium to the current market price.
It had posted $659 million profit during the third quarter last year.
ArcelorMittal does not favour futures trading in steel, as it could distort the prices of the commodity completely.
World's largest steel producer ArcelorMittal today said it has acquired 70 per cent stake in Brazilian steel processor Manchester Tubos e Perfilados SA.
ArcelorMittal, the world's biggest steel maker, on Monday launched its global brand to reflect the identity of the new company formed after the merger of Arcelor and Mittal Steel.
India's leading steel companies hope the Modi 3.0 Budget will continue the massive capital expenditure currently underway, focusing on infrastructure development, manufacturing, and fair trade. The infrastructure segment is the largest steel user, and the government's focus has fuelled steel consumption even as international markets have underperformed. According to provisional statistics, steel consumption grew 13.6 per cent in FY24, reaching 136 million tonnes (mt), according to a CRISIL report.
"We are hopeful of taking physical possession of the land by the end of the current year to start construction for the greenfield steel project. The pre-land acquisition process has already been successfully initiated," ArcelorMittal CEO, India, Vijay Bhatnagar told PTI in Bhubaneswar. The response from local residents during the first Gram Sabha, held on August 6 as part of the pre-land acquisition process, was positive toward the Rs 40,000-crore (Rs 400 billion) project.
"The most prominent suitors continue to be Russian producers, although India's Essar Group also has been mentioned prominently, according to market sources," the Metal Bulletin (MB) reported, adding that Essar has been the most recent company to express interest and has begun negotiations with Luxembourg-based ArcelorMittal.
ArcelorMittal has identified land in Jharkhand for its steel plant. It is now awaiting necessary approvals.
An ArcelorMittal spokesperson told PTI the offer made to the remaining Arcelor shareholders was consistent with the agreement between Mittal Steel and Arcelor signed in June 2006.
"The company expects to break ground on one of the Indian projects 'before the end of 2009'," CNN quoted ArcelorMittal's London-based head of investor relations Julien Onillon as saying last week. The two identical projects are to come up in the states of Jharkhand and Orissa and would add 24 MT annual steel production capacity.
It had a $4.3 billion write down related to company's European businesses.
The company, however, maintained that the appointment is 'interim' and shareholders approval would be sought next year to make it a full-time engagement.
Incidentally, ArceloreMittal announced lower than expected net profit of $1.7 billion for the second quarter, while admitting this was the effect of the slowdown in Europe and a demand dip in China.
Months after mounting a blistering attack on the Indian system of governance that prevented big ticket projects, global steel giant ArcelorMittal on Friday exuded confidence that its mega Rs 1.30 lakh crore (Rs 1.30 trillion) investment would take off soon as some states were very 'proactive'.
Speaking on the sidelines of an event organised by the Confederation of Indian Industry, ArcelorMittal Design & Engineering Centre CEO Pierre Jonette said: "Our main objective is to bring down the total project cost by 20-22 per cent across all the green projects. We have internally decided to increase sourcing from local low cost destinations for most of our greenfield projects."
ArcelorMittal on Thursday reported a net loss of $728 million for the first quarter ended March 31
Global steel giant ArcelorMittal on Wednesday reported a net income of $1.07 billion for the three month period ended December 31, 2009, on the back of improvement in demand and several cost cutting measures.
Expanding its presence in the automotive sector, the world's biggest steel maker ArcelorMittal has reached a preliminary agreement to acquire French major Vallourec's two steel tube-making units for an undisclosed sum.
Torpa is looking for a second chance to migrate from a poor village to a modern urban cluster but tension is building between those who want development and those against it. For two decades, National Hydel Power Corporation (NHPC) proposed, and some local tribal groups opposed, the setting up of the Koel-Karo hydro-electric project there, and it was finally abandoned last year.
The transaction, subject to antitrust authorities approval, is expected to be completed by the end of this year, said Gonzalo Urquijo, member of the Group Management Board of ArcelorMittal.
Noting its role in reviving the US economy and creating jobs, President Barack Obama will visit a steel plant owned by NRI tycoon Lakshmi Mittal whose company is the largest supplier of steel to the US auto manufacturing sector.
Among those inducted in the GMB, include Sudhir Maheshwari, currently executive vice-president finance and mergers and acquisitions, Davinder Chugh, senior executive vice president Shared Services and Christophe Cornier, executive VP Flat Products Western Europe, a company release said. These appointments were necessitated following retirement of ArcelorMittal Chief Operating Officer Malay Mukherjee from the board.
The development comes on heels of the company closing its blast furnaces in France and Belgium.
After posting losses for three consecutive quarters, the global steel giant, ArcelorMittal, on Wednesday posted a net income of $900 million for the quarter ended September 30.The firm's net income of the company in the third quarter of this fiscal was, however, 76 per cent lower from the year-ago period.
The company got possession of land in Karnataka for Rs 30,000-crore steel plant, six years after it announced grand India plans.
Robrecht Himpe, who is the CEO Flat Europe and Amaud Poupart-Lafarge (Africa and CIS) are the new members of the management committee. Further, Andre van den Bossche and Narendra Chaudhary would be retiring from the committee in due course. Bossche is in charge of Global Trade Policy, Steel Contact Groups, Mandates and Associations while Chaudhary is the CEO Africa and CIS.
ArcelorMittal is likely to have to make permanent cuts of up to 10 per cent in its steelmaking capacity as the industry reels from the impact of the worst global recession in decades, industry observers have warned.
Billionaire L N Mittal, who runs the steel behemoth, is keen to set up a central office in Rajarhat near the city, for which the company has sought land from the state government, Bhattacharjee said in Kolkata, inaugurating the 36th World Congress on Housing Science.
ArcelorMittal has moved a few steps forward in setting up its 12-million tonnes steel plant in Keonjhar district of Orissa
The Valin Group and ArcelorMittal will directly invest in the building of 2 mills of Lianyuan Steel.
The company had reported a net profit of $92 million in the corresponding quarter of 2012 as it had benefited from a tax windfall of $176 million.
The total investment from these projects will be Rs 1,38,300 crore.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
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