London court dismisses ArcelorMittal plea against Essar
In an 81-page judgment, High Court Judge Andrew Henshaw on Monday found no merit in the case being brought by ArcelorMittal to enforce a worldwide freeze on Essar's assets to protect them from "dissipation" while the former pursues parallel legal remedies.
Coronavirus impact: ArcelorMittal plans to cut production in Europe
The statement issued by ArcelorMittal did not have any mention of the steel plant in Hazira, India but said at all global operations, the company is following government and WHO's advice and guidelines in order to protect employees and prevent the spread of the infection.
ArcelorMittal fears sales, profitability getting impacted in 2020 on coronavirus spread
The Luxembourg-headquartered company is the world's largest steel producer with steel-making operations in 18 countries on four continents, including 46 integrated and mini-mill steel-making facilities.
AM/NS India announces Rs 100-cr support package to fight Covid-19
AM/NS India, a joint venture between ArcelorMittal and Nippon Steel, and HMEL, a partnership between Hindustan Petroleum and Mittal Energy Investments, have announced a Rs 100-crore support package to strengthen India's capacity to protect families and communities impacted by COVID-19.
ArcelorMittal, Nippon Steel sign $5.14 billion loan pact to refinance Essar Steel buy
The 10-year-term loan would be used to refinance their acquisition of Essar Steel India, now known as ArcelorMittal Nippon Steel India Ltd. Other banks part of the loan pact are MUFG Bank Ltd , Sumitomo Mitsui Banking Corp, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank Ltd (London Branch), Nippon Steel said in a statement.
Steel companies might face tough competition as China raises steel export rebate to 13%
“Increase the export tax rebate rate of 1,084 products to 13%…includes steel products such as hot-rolled coil, wire rod, cold-rolled strip, hot-dipped galvanized strip and stainless steel strip,” showed an official letter from China’s ministry of finance and state administration of taxation, dated March 17.
JSW, ArcelorMittal chase Odisha’s steel promise
JSW has acquired Bhushan Power and Steel’s 3.5 mtpa (million tonnes per annum) plant in Odisha through insolvency resolution.
Coronavirus effect: Arcelormittal to cut steel production in Europe
At all global operations we are following government and World Health Organisation advice and guidelines in order to protect employees and prevent the spread of infection, the statement added.
Internal accruals to play a big part in former Essar Steel’s Rs 18,697-crore capex plan
The capex will be implemented over the medium term and it will be largely self-funded out of AMNS India’s internal accruals as the unit is cash generative and Ebitda (earnings before interest, taxes, depreciation and amortisation)-positive.
ArcelorMittal-Nippon Steel participating in auctions in Odisha: CEO Dilip Oommen
Speaking on the importance of the opportunity, AMNS CEO Dilip Oommen said any steel company has to securitise its sources of raw materials and AMNS is no different. So it is also participating in the auction process to securitise its iron requirements.
Steel companies hike prices as China supplies shrink
JSW Steel raised prices by Rs 500-750 per tonne to Rs 39,300 for both Hot rolled coil (HRC) and TMT Bars depending on quality specifications, effective next month. “We see a supply gap emanating from China, which will give some opportunity for other domestic markets,” JSW’s director (strategy, sales and marketing) Jayant Acharya told.
ArcelorMittal Nippon Steel completes acquisition of Bhander power unit in Hazira
Bhander, a natural gas-based thermal plant with an installed capacity of 500 MW, will remain captive to AM/NS India’s steel manufacturing operations at Hazira. The size of the deal was not immediately disclosed but it is understood to be around Rs 500 crore.
ArcelorMittal to develop 3D printed ventilator prototype in the wake of the Covid-19 pandemic
The prototype will be tested imminently in hospitals and, if successful, is expected to significantly step up the ability to rapidly produce ventilators. The company said its R & D team harnessed its 3D printing expertise to collaborate in the global effort.
ArcelorMittal to sell 50% stake in GCL to DryLog
The transaction is part of ArcelorMittal’s commitment to unlock up to $2 billion of value from its asset portfolio by mid-year 2021. The stake sale and JV formation will ultimately impact ArcelorMittal’s net debt by $530 million, with $400 million on completion and a further $130 million due in early 2020, said a statement of the world’s largest steel company.
ArcelorMittal beats profit forecasts, cuts debt
The Luxembourg-based company said its fourth-quarter core profit (EBITDA) was $925 million.
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