ArcelorMittal

Steel flat product plants are undergoing a massive margin squeeze; the results speak for themselves

"We are operating in a difficult market, and there are a number of policy uncertainties that are impacting the industry," the company said in an emailed statement

ArcelorMittal, which also has a presence in India, on Thursday posted a 69 per cent fall in net income to USD 287 million during the third quarter, mainly on account of a decline in steel shipments. Luxembourg-based ArcelorMittal follows the January-December calendar as the financial year. In July-September 2023, it clocked USD 929 million "net income attributable to equity holders of the parent", the company said in a statement. The company recorded a net income of USD 504 million in the second quarter of 2024, the statement said. Globally, the medium- to long-term outlook for steel is positive, and ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet stakeholders' need, its Chief Executive Officer Aditya Mittal said. Demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increase

authorities' review of the U.S. Steel deal, a senior company official said

AM/NS India mentioned that it is already in advanced discussions to supply Magnelis to key players in India's renewable energy and infrastructure sectors

India, the world's second biggest crude steel producer, levies a 2.5 per cent basic customs duty and an additional 0.25 per cent social welfare tax on LNG

Steel prices in Europe and the US are below the marginal cost of production and excess output from China has resulted in very low domestic steel spreads and aggressive exports

Profit was primarily driven by improved results in North America, Brazil, Europe, India and from its joint ventures, offset by lower mining segment results, it said

Steel consumption in China could even contract, according to ArcelorMittal, which lowered its 2024 forecast to a range of -1 per cent to +1 per cent

ArcelorMittal, the steel major owned by Indian entrepreneur Lakshmi Mittal, is showcasing the various facets of its low-carbon steel partnership with the Olympics and Paralympics, kicking off in Paris later this month. The Luxembourg-headquartered company revealed this week that its recycled and renewably-produced XCarb is behind the Torches that have been touring the world, the Olympic Rings that now adorn the French capital's iconic Eiffel Tower landmark and the Agitos symbol of the Paralympics atop the city's Arc de Triomphe. The Paris Olympics 2024 is also setting a new milestone by reusing the Torches for the first time, with a significantly reduced carbon footprint with the production of just 2,000 required as opposed to 12,000 in the past. We think the Games are about sport, but they transcend sport, Ian Louden, the Head of Brand for ArcelorMittal, told reporters in Paris. They go over and above sport itself, trying at least to bring together the world on a platform of equal

It expects to report a headline half-year loss per share between 0.96 rand and 1.04 rand, compared with a headline loss of 0.40 rand per share in the same period last year

The Luxembourg-based company said its first quarter core profit (EBITDA) was $1.96 billion, higher than the average forecast in a company poll of $1.81 billion, but lower than a year before

The steel firm had earlier held loan negotiations with a few other lenders but they couldn't agree on the cost of funding, said the people

The results were hit by a 12% annual drop in demand, a 20% rise in electricity prices and 22% lower prices of the metal on the global market, the Bosnian business added

The programme, launched in July 2023, was aimed at identifying start-ups focused on the most "promising" decarbonisation technologies in India

The Supreme Court on Monday permitted Indian Oil Corporation (IOC) and ArcelorMittal Nippon Steel India Limited (AMNSIL) to initiate arbitral proceedings to resolve their dispute relating to Essar Steel India Limited (ESIL). A bench headed by Chief Justice D Y Chandrachud, which had reserved the judgement on the pleas on February 5, took note of the submissions of Solicitor General Tushar Mehta, appearing for the IOC, and senior advocates Harish Salve and Abhishek Singhvi, representing the AMNSIL, that they wanted to go for arbitration. Paving the way for arbitration, the bench asked the IOC and the ArcelorMittal firm to nominate two arbitrators within a week. The two arbitrators will then nominate the third for resolving the dispute. The parties have agreed to nominate two arbitrators within a week. The two arbitrators so appointed will nominate the third arbitrator. In view of the agreement of the parties, the Delhi High Court's judgment dated October 10, 2023 is rendered ...

The dispute is related to Essar Steel India Limited (ESIL), which was acquired by AMNS through the insolvency resolution process in 2019

AM/NS India achieved a record crude steel production in December 2023, reaching an 8.1 million tonne (mt) run rate, close to the 8.6 mt capacity debottlenecking target

The report also sets out a series of strategic investments, pilots, and partnerships to accelerate the uptake of breakthrough technologies necessary to produce net zero steel in India

ArcelorMittal will build the world's single biggest steel manufacturing factory at Hazira in Gujarat by 2029, company's executive chairman Lakshmi Mittal said on Wednesday. The factory will have a capacity of 24 million tonne per annum, he said speaking at the 10th Vibrant Gujarat Global Summit here. He said ArcelorMittal has signed MoUs with the Gujarat government for phase two of the Hazira plant in the summit. Prime Minister Narendra Modi had done the 'bhumi puja' for the first phase of the plant in 2021 and the construction is going on as per schedule for commissioning in 2026, Mittal said.