Global steel giant ArcelorMittal on Friday said its executive vice president, member of the management committee and head of strategy, Bill Scotting will be the new chief executive of ArcelorMittal Mining.
The world's biggest steelmaker Arcelor Mittal said on Friday it has received a writ of summons to appear before a Dutch court for legal proceedings initiated by Arcelor shareholders seeking an injunction against the mega merger of both the companies.
Mittal Steel is offering about $23.2 billion cash and its own shares for Arcelor.
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.
Arcelor has stoked up its attack against NRI steel tycoon Lakshmi Mittal blaming him for inflaming political opinion over his $22.1 billion
ArcelorMittal reports $780 million loss in the last quarter of 2010.
Steel giant Arcelor has said it would be ready to receive a written proposal from Mittal Steel about an unspecified "industrial project" related to the steel industry, a media report said on Saturday.
The car maker, which filed for bankruptcy protection under Chapter 11 on Monday, owes $172.81 billion in total debts to its 50 largest creditors, including ArcelorMittal. In its filing with the bankruptcy court in the southern district of New York, GM said it has a 'trade debt' of $9.55 million to be paid to NRI-billionaire Lakshmi Mittal-led ArcelorMittal. According to the filing, the auto maker has assets worth $82.29 billion.
The Orissa government on Thursday pulled up ArcelorMittal, for "not making any investment" so far in its proposed 12mtpa greenfield steel plant at Keonjhar, questioned its "actual intentions".
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.
A two-member bench headed by Justice S J Mukhopadhaya said there is no stay on the Resolution Professional of Essar Steel to disburse the funds among financial and operational creditors of the company.
On Tuesday, ArcelorMittal Group Management Board Member Sudhir Maheshwari had said during a conference call that they have made 'a proposal to SAIL and are in discussion with SAIL (to set up a steel plant through joint venture).'
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.
The world's largest steel company ArcelorMittal, led by India-born Lakshmi Mittal, on Thursday said it will acquire a majority stake in steel maker China Oriental Group for about 6 billion Hong Kong dollars.
Arcelor's decision to unceremoniously dump Severstal for rival Mittal Steel has sparked a predictable backlaksh from Russia, with President Vladimir Putin saying Moscow would protect itself and its citizens from unfair competition.
What started in 2009 as a five-location service has seen a steep expansion.
Business tycoons at the Ambani's pre-wedding celebrations at Jamnagar, Gujarat.
Netherlands-based Mittal Steel on Tuesday claimed it has met the minimum conditions for takeover of Arcelor by acquiring 50 per cent of the Luxembourg-based company's outstanding shares.
Arcelor's tie-up with Russian steel giant Severstal has raised doubts in some quarters with a shareholder activist claiming that the deal was to escape the Mittal offer at 'any cost'.
Lakshmi Mittal-led ArcelorMittal made an offer to buy an additional 29.4 per cent stake in domestic steel firm Uttam Galva Steel at Rs 120 a share.
Rejecting NRI steel tycoon Lakshmi Mittal's takeover bid, the chief executive of the European steel group Arcelor said the Indian billionaire had behaved improperly in initiating the £12.7 billion bid and that he presided over a company with poor sta
The world's largest steel maker, ArcelorMittal, on Thursday said it would acquire additional 13.8 per cent stake in its Czech arm ArcelorMittal Ostrava for $404.3 million (around Rs 1,900 crore).
ArcelorMittal, the world's largest steel maker, will benefit from a windfall of 1 billion (Rs 7,000 crore), thanks to the carbon credits issued to it under the European Trading Scheme. The Sunday Times today reported that ArcelorMittal will be the single largest beneficiary under the ETS due to its dominant presence in Europe.
Angry villagers of the Khuti and Gumla districts in Jharkhand are protesting against the transfer of land to steel giant Arcelor Mittal for a proposed steel project.
In the July-September quarter last year, the company had a net profit of $910 million, ArcelorMittal said.
The world's largest steel producer ArcelorMittal on Thursday said it will trim its workforce by up to 9,000 by offering a voluntary separation programme.
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."
Steel maker Severstal has reached an agreement with Arcelor Mittal to acquire its stake in a joint venture situated in Russia
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.
"Their (Arcelor Mittal) management board member Malay Mukherjee was here in Ranchi. He said the company is satisfied with the development of the proposed steel project in Jharkhand," Chief Minister Madhu Koda told reporters in Ranchi. He was reacting to a query that steel tycoon L N Mittal reportedly expressed disappointment with his projects, both in Jharkhand and Orissa, last week.
It was his nerves of steel and perseverance that helped the world's largest steel producer Laxmi Niwas Mittal clinch the $33-billion deal for Luxembourg-based Arcelor Steel despite hostility.
"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.
Arcelor-Mittal has shortlisted three sites in Jharkhand for setting up a Rs 20,000 crore (Rs 200 billion) 12 million tonne steel project. The three sites are at Galudih, Saraikela and Torpa, said Malay Mukherjee, one of the eight members of the Arcelor-Mittal management team.
Mittal Steel Company NV, which acquired Luxembourg's Arcelor SA for $38.3 billion last year, said on Thursday it would complete the transaction in a two-step merger this year.
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