Hints and tips:
...Arcelor chief financial officer Genuino Christino said there had been some “tightness on the supply side which has created some difficulties for customers to source [materials]”....
...Complicating matters further, BestEx Research’s Hitesh Mittal points out that volume and volatility are coming apart more often these days....
...The defensive actions allowed management to speed up a plan to reduce net borrowings to $7bn, the lowest level since Mittal Steel’s €27bn blockbuster takeover of European champion Arcelor in 2006....
...Although Arcelor eventually succumbed to Mittal, the move gave the target time to rally support. But these Dutch foundations are risky, as the merged ArcelorMittal discovered....
...At the same time, the company achieved a longstanding goal to take its net debt down to $7bn, the lowest level since the takeover of Arcelor by rival Mittal in 2006....
...ArcelorMittal, one of the world’s biggest steel producers, has announced Aditya Mittal will replace his father Lakshmi as chief executive, with the founder taking up the position of executive chairman....
...Net debt was $9.3bn at the end of the year, the lowest level since the company was formed in 2006 through the merger of Arcelor and Mittal Steel....
...The Florange law was named after the industrial community that was at the centre of a bitter row several years after the hostile €26.9bn takeover of Arcelor by Mittal Steel....
...He made the comments in the midst of Mittal’s €18bn unsoliticited takeover offer for steelmaker Arcelor....
...We have Buy ratings on BHP, Glencore and Arcelor Mittal and Neutrals on Rio Tinto and Anglo American....
...For Arcelor chairman Lakshmi Mittal, the capture of Essar Steel will finally give him a serious manufacturing presence in the land of his birth, after two abortive attempts....
...The ArcelorMittal University was forged during the €26.9bn merger of Arcelor and Mittal Steel in 2006....
...The decision, made by the insolvency professional handling Essar Steel’s case, is a potential blow to Arcelor founder Lakshmi Mittal’s hopes of establishing a major presence in the country of his birth....
...The world’s largest steelmaker by output swung from a $7.9bn net loss in 2015 — its worst performance since the megamerger of Mittal Steel and Arcelor in 2006 — to a net profit of $1.8bn last year....
...s Arcelor in 2006....
...by rival Mittal....
...His International Steel Group had just merged with Mittal Steel, which then bought Europe’s Arcelor to form the world’s largest steel conglomerate, ArcelorMittal....
...Net debt fell to $12.2bn in the quarter, representing the lowest level since the merger of Mittal Steel with Europe’s Arcelor a decade ago, Mr Mittal said....
...Lakshmi Mittal, the company’s chairman and chief executive, said: Our results for the first quarter reflect the very tough operating conditions in the second half of 2015....
...He is an overdue replacement for Hitesh Mittal who was fired last August after being named in an SEC investigation into agency brokerage ITG, his former employer, pertaining to improper trading in the firm...
...Alessandro Abate, head of steel and mining at Berenberg, said on Tuesday that conditions for M&A activity in Europe's steel industry have not been this ripe since 2006, when Arcelor and Mittal agreed a €26.9bn...
...The Indian steel tycoon had won an epic tussle to forge the world’s largest producer of the metal, after his Mittal Steel group paid a hefty premium to clinch a €26.9bn takeover of Europe’s Arcelor in 2006...
...“The Glencores and the Arcelor-Mittals of this world are going to jump out at you”, says Mr Gargour....
...While rivals bulked up to gain economies of scale, seen in the creation of Corus in 1999 through the combination of British Steel and Hoogovens of the Netherlands, or the merger of Arcelor and Mittal Steel...
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