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ArcelorMittal

Transformers and Rectifiers India gets nearly $17 million export orders

Transformers and Rectifiers India gets nearly $17 million export orders

Thu, Aug 22, 2024

Transformers and Rectifiers (India) said it will supply 18 trackside traction transformers of 20 MVA (Megavolt Ampere) and 55 trackside auto transformers of 7.5 MVA to Linxon Global Sweden.

ArcelorMittal June quarter net income drops 73%

ArcelorMittal June quarter net income drops 73%

Thu, Aug 01, 2024

The company had posted a net income of USD 1,860 million in the corresponding period of the previous fiscal.

ArcelorMittal Q1 net income falls 10 pc to USD 900 million; output at 14.4 MT

ArcelorMittal Q1 net income falls 10 pc to USD 900 million; output at 14.4 MT

Thu, May 02, 2024

Sales in Q1 2024 were at USD 16.28 billion as compared to USD 18.50 billion in the year-ago period. Steel shipments in first quarter of 2024 were 13.5 MT, lower than 14.5 MT in Q1 2023.

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Essar Steel debt resolution hits fresh hurdle as GAIL, Getco move NCLT seeking rejection of ArcelorMittal bid

Essar Steel debt resolution hits fresh hurdle as GAIL, Getco move NCLT seeking rejection of ArcelorMittal bid

Tue, Nov 20, 2018

Two public sector undertakings, GAIL and Getco, have approached National Company Law Tribunal (NCLT) separately against Essar Steel lenders’ approval to ArcelorMittal’s bid for the bankrupt steel behemoth, saying operational creditors were left out of it.

India's steel giants to focus on product mix, quality to take on ArcelorMittal

India's steel giants to focus on product mix, quality to take on ArcelorMittal

Wed, Nov 14, 2018

India`s two biggest private sector steel companies JSW Steel Ltd and Tata Steel Ltd are banking on their diversified product mix to take on steel giant ArcelorMittal SA as it gears up to enter the country.

Essar Steel bankruptcy resolution: 29 operational creditors blast ArcelorMittal deal

Essar Steel bankruptcy resolution: 29 operational creditors blast ArcelorMittal deal

Wed, Nov 14, 2018

Essar was announced by RBI as a wilful defaulter as it has a huge chunk of debt turned-stressed assets with a consortium of banks.

Essar to deleverage Rs 1.25 lakh cr debt if its offer for Essar Steel is accepted

Essar to deleverage Rs 1.25 lakh cr debt if its offer for Essar Steel is accepted

Sun, Oct 28, 2018

Ruia-family owned Essar Group would deleverage about Rs 1.25 lakh crore of debt - the largest by any corporate if its offer to repay lenders of Essar Steel in full is accepted, company sources said.

ArcelorMittal the chosen one to buy Essar’s steel arm, but guess what! Essar Steel proposes to pay Rs 54,389 cr to exit insolvency

ArcelorMittal the chosen one to buy Essar’s steel arm, but guess what! Essar Steel proposes to pay Rs 54,389 cr to exit insolvency

Fri, Oct 26, 2018

Essar was announced by RBI as a wilful defaulter as it has a huge chunk of debt turned stressed assets with a consortium of banks.

Essar Steel shareholders offer to pay Rs 54,389 cr to clear all dues of lenders

Essar Steel shareholders offer to pay Rs 54,389 cr to clear all dues of lenders

Thu, Oct 25, 2018

Shareholders of embattled Essar Steel Thursday offered to pay an aggregate of Rs 54,389 crore including Rs 47,507 crore upfront cash payment to clear all dues owned to lenders so that the company can be pulled out of insolvency proceedings.

ArcelorMittal to do a Reliance Jio? Lakshmi Mittal out to shock and awe

ArcelorMittal to do a Reliance Jio? Lakshmi Mittal out to shock and awe

Thu, Oct 25, 2018

Many experts view the Lakshmi Narayan Mittal-promoted steel company's foray into the domestic market as a game changer. They believe it could do to the steel sector what Jio's entry did to the telecom sector.

Rs 52,000 crore deal! Debt-laden Essar Steel set to be sold to ArcelorMittal

Rs 52,000 crore deal! Debt-laden Essar Steel set to be sold to ArcelorMittal

Mon, Oct 22, 2018

Luxembourg-based ArcelorMittal and its consortium will cough up Rs 52,000 crore to take over Ruia-promoted Essar Steel and Odisha Slurry Pipeline Infrastructure, two sources close to the development said.

ArcelorMittal raises Essar Steel bid to Rs 49,000 crore

ArcelorMittal raises Essar Steel bid to Rs 49,000 crore

Tue, Sep 11, 2018

Global steel giant ArcelorMittal stirred up a hornet's nest on Monday when it shot off a revised proposal to the lenders of bankrupt Essar Steel, raising its bid to Rs 42,000 crore from the earlier Rs 37,000 crore.

ArcelorMittal revises bid for Essar Steel to Rs 42,000 cr

ArcelorMittal revises bid for Essar Steel to Rs 42,000 cr

Tue, Sep 11, 2018

The NCLAT had allowed the Committee of Essar Steel Creditors, who are auctioning the company to recover their Rs 49,000 crore unpaid loans, to negotiate the best price from eligible bidders.

JSW Steel plans bid for ArcelorMittal's Romanian plant

JSW Steel plans bid for ArcelorMittal's Romanian plant

Thu, Jun 21, 2018

India`s biggest steelmaker JSW Steel is expected to make a bid for ArcelorMittal`s Galati plant in Romania, three sources told Reuters, potentially competing against Ukraine`s Metinvest and Italy`s Marcegaglia.

ArcelorMittal parks Rs 7,000 crore with SBI to clear Uttam dues

ArcelorMittal parks Rs 7,000 crore with SBI to clear Uttam dues

Wed, May 16, 2018

The move to park about Rs 7,000 crore in an escrow account of State Bank of India (SBI) follows ArcelorMittal's bid for Essar Steel coming in for questioning because of its past shareholding in loan defaulter firm, Uttam Galva Steel.

ArcelorMittal gives upbeat outlook, beats earnings forecast

ArcelorMittal gives upbeat outlook, beats earnings forecast

Fri, May 11, 2018

The world`s largest steelmaker ArcelorMittal said the outlook for 2018 had improved after a sharp pick-up in steel prices and increased iron ore shipments helped it deliver higher-than-expected first-quarter earnings on Friday.

ArcelorMittal hires Bank of America to sell European steel assets

ArcelorMittal hires Bank of America to sell European steel assets

Wed, May 09, 2018

ArcelorMittal told Reuters on Wednesday that it had appointed Bank of America-ML to handle the asset sale. European and Asian steelmakers will be among the likely buyers as the European Commission has said the steel plants would be sold to buyers who would continue to operate them, allowing them to compete with ArcelorMittal.

Essar Steel sale: ArcelorMittal to pay Uttam Galva dues

Essar Steel sale: ArcelorMittal to pay Uttam Galva dues

Fri, May 04, 2018

The world’s largest steelmaker ArcelorMittal on Thursday asserted that its bid for debt-laden Essar Steel is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.

Essar Steel sale: Numetal, ArcelorMital add riders to bids

Essar Steel sale: Numetal, ArcelorMital add riders to bids

Mon, Apr 30, 2018

Numetal Consortium and ArcelorMittal, the two initial bidders for Essar Steel, have attached conditions before they make any correction in their bid or any action they would take to acquire the steel asset.

NuMetal, LNM back in fray for Essar Steel?

NuMetal, LNM back in fray for Essar Steel?

Fri, Apr 20, 2018

The Ahmedabad bench of the National Company Law Tribunal (NCLT) on Thursday put the ball back in the committee of creditors’ (CoC) court by ordering it and the resolution professional (RP) of Essar Steel to re-examine the eligibility of the two bids submitted in the first round.

Mukesh Ambani, Lakshmi Mittal on Bloomberg Billionaires Top 100 Index; see who else made it

Mukesh Ambani, Lakshmi Mittal on Bloomberg Billionaires Top 100 Index; see who else made it

Tue, Apr 03, 2018

The RIL chairman’s wealth has grown by USD 9.3 billion as compared to the same period last year, but it declined by USD 2.3 billion year-to-date. The other four Indians who have made it to the list include ArcelorMittal CEO Lakshmi Mittal (51), Shapoorji Pallonji Group Chairman Pallonji Mistry (61), Wipro Chairman Azim Premji (66), and HCL Chairman Shiv Nadar (85), said a report.

Bids for Essar Steel by Numetal, ArcelorMittal rejected by lenders

Bids for Essar Steel by Numetal, ArcelorMittal rejected by lenders

Wed, Mar 21, 2018

While ArcelorMittal India has been found ineligible for its joint venture with Uttam Galva, which is at the NCLT awaiting resolution, Numetal's bid was done in by the fact that one of the promoters of the special purpose vehicle is Rewant Ruia, the son of Essar Group promoter Ravi Ruia, who is one of the original promoters of Essar Steel.

JSW Steel bids for Bhushan Steel

JSW Steel bids for Bhushan Steel

Sun, Feb 04, 2018

Luxembourg-based ArcelorMittal said in a statement that it has not submitted resolution plan Bhushan steel

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