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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
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
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
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
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
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
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
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
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
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
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?
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
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
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
Sun, Feb 04, 2018
Luxembourg-based ArcelorMittal said in a statement that it has not submitted resolution plan Bhushan steel
ArcelorMittal says French pollution allegations are groundless
Wed, Jul 26, 2017
The world`s largest steelmaker, ArcelorMittal , said on Tuesday that its internal investigation had found allegations of illicit dumping of acid waste from a French plant were groundless.
SAIL, ArcelorMittal JV may be finalised this month: Chaudhary Birender Singh
Wed, May 24, 2017
SAIL, ArcelorMittal JV may be finalised this month: Chaudhary Birender Singh.Watch the full segment for more details.
ArcelorMittal re-elects Lakshmi Mittal on board for next 3 years
Wed, May 10, 2017
The term of four directors -- Mittal, Lewis Kaden, Bruno Lafont and Michel Wurth -- was due to expire this year.
Reliance Industries' Mukesh Ambani tops Indian billionaire list in Forbes survey; see full list
Tue, Mar 21, 2017
Reliance Industries' chairman and MD Mukesh Ambani has topped the list of Indian billionaires featured in Forbes recent survey titled 'The World's Billionaires' with global ranking of 33 and networth of $23.2 billion, find out names of other Indians in the list.
South African steel industry may become extinct: ArcelorMittal
Sun, Nov 20, 2016
AMSA was set to make a huge loss for the six months ending December.