Steel giant ArcelorMittal’s Q1 net income jumps over 80% to $4,125 million
NEW DELHI: Global steel giant ArcelorMittal on Thursday posted 80.52 per cent growth in net income at USD 4,125 million (about Rs 31,350 crore) for the first quarter ended March 31, 2022. It had posted a net income of USD 2,285 million for the year-ago quarter, the company said in a statement. “ArcelorMittal recorded net […]
ArcelorMittal posts $4 billion net income in April-June quarter
NEW DELHI: Global steel giant ArcelorMittal on Thursday posted a net income of USD 4,005 million for the second quarter ended June 30, 2021. The world’s largest steelmaker had clocked a net loss of USD 559 million in the year-ago quarter, the company said in a statement. The Luxembourg-headquartered integrated steel and mining company follows […]
ArcelorMittal Nippon Steel India inks pact with Odisha to set up steel plant; Pradhan congratulates ArcelorMittal
NEW DELHI: Steelmaker ArcelorMittal Nippon Steel India (AM/NS India) on Thursday inked an agreement with the Odisha government for setting up a 12 million tonnes per annum (MTPA) greenfield integrated steel plant in Kendrapada district with an investment of Rs 50,000 crore, officials said. Chief Minister Naveen Patnaik and steel tycoon Lakshmi N Mittal were […]
ArcelorMittal says it has completed acquisition of Essar Steel
NEW DELHI: Global steel giant ArcelorMittal on Monday said it has completed acquisition of Essar Steel and formed a joint venture with Nippon Steel (AM/NS India) to own and operate the debt-ridden firm. The deck for acquisition of Essar Steel for Rs 42,000 crore by L.N. Mittal-led company was cleared by the Supreme Court last […]
ArcelorMittal initiates Rs 42,000 crore payment for Essar Steel acquisition
NEW DELHI: Global steel giant ArcelorMittal has initiated payment for acquisition of debt-ridden Essar Steel for Rs 42,000 crore, sources said on Friday. The decks for acquisition of Essar Steel by L N Mittal-led company was cleared by the Supreme Court last month. According to banking sources, “Payment from ArcelorMittal has started flowing and entire […]
Supreme Court paves way for ArcelorMittal to take over Essar Steel for Rs 42,000 crore
NEW DELHI: The Supreme Court on Friday paved the way for ArcelorMittal 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. A bench headed by Justice R F Nariman clarified that financial creditors enjoy primacy over operational creditors […]
ArcelorMittal gets EC nod to sell European steel assets to Liberty House
NEW DELHI: Global steel giant ArcelorMittal Wednesday said it has received approval from the European Commission (EC) to sell steel-making assets in Europe to Liberty House. “ArcelorMittal announces that it has received European Commission (EC) approval for the sale of several steel-making assets to Liberty House Group,” NRI billionaire L N Mittal-led ArcelorMittal said in […]
NCLT approves ArcelorMittal’s Rs 45,000 crore Essar Steel takeover plan
NEW DELHI: The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Friday approved AreclorMittal’s Rs 45,000 crore resolution plan for the insolvent Essar Steel. The committee of creditors of bankrupt Essar Steel had chosen ArcelorMittal as the highest bidder and submitted the Rs42,000-crore plan of the world’s largest steel maker before the NCLT […]
ArcelorMittal says reached pact with Liberty House for sale of Dudelange, Liege assets
NEW DELHI: ArcelorMittal on said Friday it has reached an agreement with Liberty House for the sale of its assets in Luxembourg and Belgium. The assets are the final part of a divestment package the Luxembourg-headquartered company agreed with the European Commission (EC) during its merger control investigation into ArcelorMittal’s acquisition of Ilva SpA. “ArcelorMittal… […]
ArcelorMittal emerges as highest bidder for Essar Steel
NEW DELHI: Global steel giant ArcelorMittal said on Friday it has been selected as preferred bidder for the debt-laden Essar Steel by the Committee of Creditors. The Lakshmi Mittal-owned company, which is the world’s largest steel maker has been on a murky legal battle with other bidders, especially the Russian VTB Bank-promoted NuMetal to take […]
Supreme Court of India allows ArcelorMittal, NuMetal to bid for Essar Steel
NEW DELHI: The Supreme Court of India on Thursday granted one more opportunity to mining major ArcelorMittal and Russia’s VTB Capital-backed NuMetal to bid for Essar Steel if they clear their Non-Performing Asset (NPA) dues in two weeks. A bench comprising Justices R F Nariman and Indu Malhotra held that both the firms were ineligible […]