London court dismisses ArcelorMittal appeal against Essar
The high court order of March 30 came as steelmaker ArcelorMittal looked to enforce a USD 1.5 billion arbitral award stemming from a soured supply agreement. In an 81-page judgment, High Court Judge Andrew Henshaw had 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.
London court dismisses ArcelorMittal plea against Essar
In an 81-page judgment, High Court Judge Andrew Henshaw on Monday found no merit in t...
ArcelorMittal, Nippon Steel complete acquisition of Essar Steel
The deck for acquisition of Essar Steel for Rs 42,000 crore by L N Mittal-led...
Essar resolution to have significant impact on financial ecosystem: Satish Gupta, Essar's Resolution Professional
"The resolution of Essar Steel with realisation of more than Rs 42,000 crore has significant impact on financial ecosystem. With availability of funds and committed additional infusion of Rs 8,000 crore by ArcelorMittal, Essar Steel’s under-utilised productive asset can now operate at its optimal level of production and enhance capacity utilisation," the resolution professional of Essar Steel said.
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 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.
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.
Completion of Essar Steel acquisition expected before the end of the year: ArcelorMittal
The acquistion will mark the entry of the world's largest steel company into India, which has emerged as the second biggest steel market in the world. Following its acquisition of Essar Steel, ArcelorMittal will be the fourth largest steel producer in the country which has set a target of achieving 300 million tonne in production.
Look forward to close Essar Steel acquisition soon: ArcelorMittal
The verdict came on a plea of the committee of creditors challenging NCLAT's order of July 4, in which it had approved steel tycoon Lakshmi Mittal-led ArcelorMittal's Rs 42,000-crore bid for the acquisition of Essar Steel after it rejected a plea by the lead shareholder of the debt-laden firm challenging the eligibility of the bidder.
SAIL awaits ArcelorMittal response to take JV plans forward
When asked about chances of the JV plans getting scrapped with ArcelorMittal all set to enter India after winning Essar Steel, SAIL Chairman A K Chaudhary replied, the company had said "they need time as they were busy with Essar Steel. But let's see what they have to say now".
ArcelorMittal reports $1.9 billion net loss in October-December
The company reported a "net loss attributable to equity holders of the parent" of $1.9 billion in the fourth quarter.
Lakshmi Mittal takes stock of Essar Steel plant on first visit to Hazira
Turnaround plan includes an Rs 8,000-cr investment in improving ops, pushing up annual shipments. Nippon Steel president Eiji Hashimoto said the two partners wanted to make the company the best in India. ArcelorMittal executives said the plant being port-based would give an advantage in transporting raw materials and finished products.
Essar Steel: Mittals seek immunity from probes
Worries stem from BPSL case, where ED attached assets of the company after it was taken over by JSW Steel.
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 India entry: Domestic steel firms say more players in market to spur innovation
Last week, the Supreme Court paved the way for ArcelorMittal's takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4 NCLAT order giving equal status to financial creditors and operational creditors. Following the verdict, ArcelorMittal said it expects to complete the acquisition of the debt-ridden company by the end of this year
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