Arcelormittal

Monday, Jun 03, 2024 | Last Update : 06:20 AM IST

Essar Steel was auctioned under the new Insolvency and Bankruptcy Code to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.

ArcelorMittal aims to complete Essar Steel acquisition by 2019-end

The Supreme Court on Friday paved the way for ArcelorMittal takeover of Essar Steel for Rs 42,000 crore.

19 Nov 2019 11:22 AM

The Supreme Court on November 15, paved the way for ArcelorMittal takeover of debt-ridden Essar Steel for Rs 42,000 crore and set aside the July 4

Look forward to close Essar Steel acquisition soon: ArcelorMittal

Essar Steel was auctioned under the new IBC to recover Rs 54,547 cr of unpaid dues of financial lenders and operational creditors.

15 Nov 2019 4:17 PM

Essar SteelBanks had moved the Supreme Court earlier this year after an appellate court judgment put the claims of Essar’s operational creditors on par with those of its lenders.

Supreme Court clears path for ArcelorMittal to acquire Essar Steel

The apex court said operational creditors cannot be treated on par with financial creditors of a bankrupt company.

15 Nov 2019 12:27 PM

The company had posted net income (attributable to equity holders of the parent) of USD 1.865 billion in the year-ago period.

ArcelorMittal reports USD 0.447 billion net loss for June quarter

The company said its gross debt was at USD 13.8 billion as of June-end this year.

01 Aug 2019 1:04 PM

ArcelorMittal has mounted legal battles against the Ruia family in multiple countries in an effort to enforce a USD 1.5 billion US arbitration award.

Cayman Island court refuses worldwide freeze on Essar Global Fund

ArcelorMittal did not reply to an email sent for comment.

25 Jul 2019 6:33 PM

NCLAT to hear ArcelorMittal's plea on EPC Construction on August 8

The NCLT has rejected ArcelorMittal's plea against bid of Royale Partners Investment Fund for ECIL, formerly Essar Projects India.

16 Jul 2019 9:01 AM

The company’s shares were down 9.3 per cent at 31.4 rand, off an earlier low of 28.7 rand.

ArcelorMittal to cut more than 2,000 jobs, shares drop

The company expected headline results to fall by at least 650 million rand (USD 45.78 million) in the first half of its financial year.

10 Jul 2019 3:36 PM

The NCLAT said financial creditors will get 60.7 per cent of their admitted claims of Rs 49,473 crore. The rest would go to operational creditors.

NCLAT rejects Ruia's bid to block ArcelorMittal; approves bid for Essar Steel

Essar Steel was auctioned under the new IBC to recover Rs 54,547 cr of unpaid dues of financial lenders and operational creditors.

05 Jul 2019 9:09 AM

NCLAT had earlier reserved its order over a batch of petitions against ArcelorMittal's Rs 42,000-crore takeover bid for Essar Steel.

NCLAT clears ways for takeover of Essar Steel by ArcelorMittal

Total claims of financial and operational creditors stand revised to Rs 69,192 crore.

04 Jul 2019 3:36 PM

"We prohibited the merger to avoid serious harm to European industrial customers and consumers," EU competition commissioner Margrethe Vestager said in a statement.

EU blocks Thyssenkrupp-Tata steel merger plan

The aim of the merger had been to create the second largest European steel company behind multinational giant ArcelorMittal.

11 Jun 2019 5:25 PM

A two-member bench headed by Chairman Justice S J Mukhopadhaya asked all parties, including ArcelorMittal, to file their written submissions over their submissions by Wednesday.

NCLAT reserves order on ArcelorMittal takeover of Essar Steel

Essar Steel has reported an Ebitda of around Rs 4,000 crore during the over 600 days of insolvency period.

21 May 2019 5:22 PM

The NCLAT would continue to hear the Essar Steel insolvency case on May 21.

ArcelorMittal to pay Rs 42K cr for Essar Steel takeover: Co tells NCLAT

Senior advocate Harish Salve appearing for ArcelorMittal accused Ruias of creating hurdles in Essar Steel resolution process.

20 May 2019 5:18 PM

The affidavit, however, said that 'figures from April 1, 2019 till date are not available'.

Essar Steel reports Rs 4,229 crore EBITDA during insolvency period

The Committee of Creditors (CoC) had voted in favour of Rs 42,000 crore take over plan of the global steel major ArcelorMittal.

19 May 2019 12:43 PM

Mittal's association with these companies would make him ineligible as a bidder.

ArcelorMittal resolution plan violative of IB Code: Ruia to NCLAT

Essar Steel submitted before the NCLAT that the resolution plan moved by ArcelorMittal is in violation of the IBC.

16 May 2019 8:39 AM

The company's aim is to make European business stronger for which it will continue to explore various business options including merger, said Tata Steel Managing Director TV Narendran.

Tata Steel to continue to explore various business options in Europe: TV Narendran

The journey of de-leveraging and creating structurally strong enterprise continues, said TV Narendran.

15 May 2019 12:45 PM

In its petition, ESAHL said Arcelor Mittal India Ltd and its promoter Lakshmi Mittal had "misled" the Supreme Court, lenders and insolvency court into believing that they had ceased to have any business association with Pramod and Vinod Mittal and their companies.

Essar Steel shareholder seeks rejection of ArcelorMittal bid for company

Essar Steel shareholder ESAHL said ArcelorMittal India Ltd and its promoter Lakshmi Mittal had 'misled' Supreme Court.

07 May 2019 3:12 PM

CoC of Essar Steel has divided creditors of the company into two types -- one with claims under Rs 1 crore and another above Rs 1 crore.

Essar Steel posts EBITDA of Rs 2,000 crore, may use funds to repay creditors

The CoC had challenged the orders of the NCLAT of March 18 and March 20 before the Supreme Court by filing an SLP.

29 Apr 2019 1:48 PM

The company has also bid to acquire debt-laden Essar Steel through an insolvency auction.

ArcelorMittal gets EC nod to sell European steel assets to Liberty House

The transaction closing is anticipated to occur before the end of the first half of this year.

18 Apr 2019 9:01 AM

ArcelorMittal did not have any immediate comment.

Supreme Court halts ArcelorMittal payment to buy Essar Steel: report

India’s bankruptcy court had approved ArcelorMittal’s USD 6 billion bid for debt-ridden Essar on March 8.

12 Apr 2019 4:33 PM

The bench also asked ArcelorMittal to file an affidavit before it, detailing the steps to be taken for implementation of the resolution plan of debt ridden Essar Steel.

NCLAT may ask ArcelorMittal to deposit Rs 42,000 cr for acquiring Essar Steel

The bench also directed the operational creditors and financial creditors of Essar Steel to file a chart next week.

09 Apr 2019 3:59 PM

The appellate tribunal also said it will also look into the issue of discriminatory distribution of the funds between financial and operational creditors.

NCLAT gives conditional nod to ArcelorMittal's Rs 42,000 cr plan for Essar Steel

ArcelorMittal's resolution proposal provides financial creditors Rs 41,987 cr out of their total dues of Rs 49,395 cr.

18 Mar 2019 3:57 PM

Mittal's global giant ArcelorMittal is finally nearing the end of a year-long battle to break into India with the $5.9 billion acquisition of Essar Steel India.

Costly homecoming for Lakshmi Mittal

The legal wrangling landed in the Supreme Court last year, setting precedents for India's two-year-old bankruptcy law.

12 Mar 2019 1:04 AM

Ex Essar Steel directors approach NCLT against ArcelorMittal takeover

On Friday, Ahmedabad bench of NCLT had approved the lenders' plan to let global steel giant ArcelorMittal take over debt-ridden Essar Steel.

11 Mar 2019 5:35 PM

It has also directed the registry of NCLT to communicate this order to the Ahmedabad-based bench and its members. (Photo: File)

NCLAT directs NCLT Ahmedabad to decide on ArcelorMittal's Essar Steel bid by Mar 8

A two-member NCLAT bench said that if the NCLT fails to pass an order by this deadline, it would call records and pass an order.

28 Feb 2019 11:49 AM

ArcelorMittal says facing risks like excess capex on proposed Essar

The world's largest steelmaker ArcelorMittal's takeover proposal of the Essar Steel India Ltd (ESIL).

26 Feb 2019 2:12 PM

Phase of stress in steel sector is over: Minister

Essar Steel may finally go the ArcelorMittal way while stress in the steel sector is now way behind.

19 Feb 2019 1:42 AM

Earlier on February 4, the NCLAT has asked NCLT Ahmedabad to decide by February 11, failing to which it would call records and pass order.

NCLAT extends deadline to decide on Essar Steel insolvency case

NCLT Ahmedabad to decide over the Rs 42,000 cr resolution plan submitted by ArcelorMittal for Essar Steel.

12 Feb 2019 12:25 PM

Company had revenues of USD 76.0 billion and crude steel production of 92.5 million tonnes.

ArcelorMittal Q4 net income up 16 pc to USD 1.19 billion

Company reported a net income attributable to equity holders of the parent of USD 1.19 billion in the fourth quarter.

07 Feb 2019 1:07 PM

On Tuesday, NCLT had rejected the debt settlement proposal put forth by the shareholders of Essar Steel.

NCLAT declines plea of Essar Steel operational creditor

NCLAT declined the plea of an operational creditor of debt-ridden Essar Steel seeking recovery worth Rs 800 crore.

30 Jan 2019 12:24 PM

The appellate tribunal has directed to list the matter on February 4 for next hearing.

NCLAT asks NCLT to take decision on Essar Steel's insolvency case by Jan 31

NCLT to pass an order on insolvency resolution plan submitted by Essar Steel's RP, in which ArcelorMittal emerged as the highest bidder.

23 Jan 2019 11:56 AM

The shareholders of Essar Steel countered this plan by submitting their own proposal to the CoC.

‘New offer by Essar Steel promoters not maintainable’

Banks and other creditors have total debt exposure of close to Rs 49,000 crore in the company.

29 Nov 2018 11:02 AM

NCLT does not act as a post office to merely put a seal of approval on the resolution plan cleared by Committee of Creditors.

GAIL move NCLT seeking rejection of ArcelorMittal bid for Essar Steel

Operational creditors, under the plan, are to get just Rs 214 crore against the outstanding of Rs 4,976 crore.

19 Nov 2018 1:50 PM

The company had posted net income of USD 1.2 billion in the year-ago period, the firm said.

ArcelorMittal Q3 net income declines 25 pc to USD 0.9 billion

The company's gross debt was at USS 13.0 billion as of September 30, 2018.

01 Nov 2018 2:56 PM

The development comes a day after promoters of Essar Steel offered to pay lenders Rs 54,389 crore.

ArcelorMittal wins bids to buyout Essar Steel

ArcelorMittal has been chosen by lenders to takeover debt-laden Essar Steel for about Rs 42,000 crore.

26 Oct 2018 1:30 PM

Essar Steel shareholders have submitted a proposal to the committee of creditors (CoC) for full settlement of the entire admitted claims.

Ruias offer Rs 54,389 crore to retain Essar; ArcelorMittal opposes

The fresh offer for settlement by Essar Steel has been made under Section 12A of the IBC.

26 Oct 2018 10:15 AM

The group has a strong position in the UK as a steel and aluminium supplier.

ArcelorMittal signs pact to sell 4 European steel plants to Liberty House

The acquisition more than doubles Liberty's global metal manufacturing capacity.

12 Oct 2018 3:41 PM

The apex court exercised its extraordinary power under Article 142 of the Constitution in allowing ArcelorMittal and NuMetal to make fresh bid for Essar Steel.

SC grants one more opportunity to ArcelorMittal, NuMetal to bid for Essar Steel

Top court asked Committee of Creditors to take a decision within 8 weeks on rival bids of NuMetal and ArcelorMittal for Essar Steel.

04 Oct 2018 11:38 AM

Earlier this month, ArcelorMittal had offered Rs 42,000 crore to acquire Essar Steel.

CCI approves ArcelorMittal's acquisition of Essar Steel

The acquisition of Essar Steel is proposed to be undertaken through multiple steps.

20 Sep 2018 6:47 PM

The NCLAT had last week directed the lenders of the Essar Steel to expeditiously take a decision on the bids.

ArcelorMittal assails NCLAT order in SC, reluctant to pay Rs 7,000 cr

NCLAT had asked ArcelorMittal to clear the stigma of defaulter by clearing the dues of its then subsidiaries.

13 Sep 2018 9:23 AM

The Supreme Court on Tuesday agreed to hear tomorrow a plea of ArcelorMittal seeking extension of time for payment of Rs 7,000 crore as ordered by NCLAT last week for its bid to become eligible for Essar Steel.

SC to hear tomorrow plea of ArcelorMittal against NCLAT order on Essar auction

Anil Aggrawal's Vedanta is a third qualified bidder for Essar Steel.

11 Sep 2018 11:45 AM

Second round bids by NuMetal, Vedanta for Essar Steel valid, says NCLAT

Justice S J Mukhopadhaya directed lenders of the Essar Steel to expeditiously take a decision.

07 Sep 2018 11:55 AM

The National Company Law Appellate Tribunal (NCLAT) would hear the appeals filed by Essar Steel resolution applicants - NuMetal and Arcelor Mittal on Wednesday.

NCLAT to hear ArcelorMittal, NuMetal pleas tomorrow

NCLAT had ordered status quo on insolvency of Essar Steel for two months.

29 May 2018 2:10 PM

The corporate insolvency resolution process of Essar Steel commenced on August 2.

Lenders move NCLAT for early hearing in Essar Steel case

The NCLAT had on May 22 ordered hearing on the appeals on a daily basis from July 23-26.

25 May 2018 3:37 PM

The world's largest steelmaker ArcelorMittal has said it expects capex to rise by USD 1 billion to USD 3.8 billion in 2018.

ArcelorMittal sees capex rising to USD 3.8 billion in 2018

ArcelorMittal has already announced a major USD 1 billion investment programme for its Mexican operations.

14 May 2018 7:26 PM

The world's largest steelmaker ArcelorMittal on Friday reported a 19 per cent jump in its net income to USD 1.19 billion for the quarter ended March 31, 2018.

ArcelorMittal Q1 net profit up 19 per cent at USD 1.2 billion

The firm, led by billionaire Lakshmi N Mittal, also saw its net debt decrease to USD 11.1 billion.

11 May 2018 2:31 PM

Eying opportunities beyond steel also: L N Mittal

ArcelorMittal is evaluating opportunities that complement its existing business and asset base.

09 May 2018 1:37 PM

NCLAT on Friday agreed to hear on May 17 cross petitions filed by Essar Steel bidders, NuMetal Ltd and ArcelorMittal India Ltd.

Essar Steel case: NCLAT to hear NuMetal, ArcelorMittal petition

The NCLAT took up the petitions on a day when a panel of lenders to Essar Steel is slated to meet to decide if fresh bids are to be called.

27 Apr 2018 12:15 PM

Ahmedabad bench of the NCLTon Thursday declared invitation of the second round of bids for Essar Steel.

NCLT declares rebid for Essar Steel invalid

Essar Steel owes around Rs 49,000 crore to banks, is the biggest asset on the block right now.

20 Apr 2018 9:31 AM

The Section 29A debars promoters with direct or indirect links to the defaulted promoter of a bankrupt asset from bidding for the same through the insolvency process.

Essar Steel: ArcelorMittal drags bankers' rejection to NCLT

The bankers had met on March 23 in Mumbai and had rejected ArcelorMittal's bid along with that of Numetal.

26 Mar 2018 5:21 PM

ArcelorMittal India Pvt Ltd submitted a plan to India’s NCLT, which deals with insolvency and company disputes, on Feb 12 to bid for Essar Steel in partnership with Nippon Steel.

ArcelorMittal to form JV with Nippon Steel to buy India's Essar Steel

In February, ArcelorMittal and a group led by Russia’s VTB made separate bids for Essar Steel.

02 Mar 2018 1:28 PM

Company's crude steel output during quarter increased to 22.7 million tonnes, over 21.8 MT in same quarter of prvious fiscal.

ArcelorMittal posts over two-fold jump in Q4 profit

Company reported two-fold rise in net income to USD 4.568 billion from USD 1.779 billion in 2016.

31 Jan 2018 3:38 PM

In 2016, ArcelorMittal had revenues of USD 56.8 billion and crude steel production of 90.8 million tonnes.

ArcelorMittal extends conversion date for USD 1 bn bonds

The mandatory conversion date of the bond has been extended to January 29, 2021.

15 Dec 2017 2:02 PM

Union Steel Minister Chaudhary Birender Singh.

JV between SAIL, ArcelorMittal soon: Steel Minister

Proposed auto-grade steel plant, with a capacity of 1.5 MT per annum, which can be scaled up to 2.5 MT.

09 Dec 2017 11:27 AM

A resolution plan will be submitted to IRP within the scheduled timeframe.

ArcelorMittal team visits Essar Steel, Bhushan Steel plants

ArcelorMittal is among top industry players, including Tata Steel, that have submitted bids to acquire the debt-ridden Essar Steel.

22 Nov 2017 3:37 PM

Chief executive Lakshmi Mittal of ArcelorMittal.

ArcelorMittal's focus on other assets may hit $1 billion Indian JV

ArcelorMittal and SAIL signed their preliminary agreement in 2015 but there has been little progress due to disputes over terms.

26 Sep 2017 5:48 PM

The proposed JV will construct a cold rolling mill and other downstream finishing facilities in India.

SAIL seeks NITI help to resolve differences with ArcelorMittal

NITI Aayog to resolve differences with ArcelorMittal over setting up of about Rs 5,000-crore autograde steel plant.

25 Jun 2017 3:41 PM

ILVA steel plant. Courtesy: Youtube screengrab.

ArcelorMIttal bid for Ilva plants gets govt nod

Italy has been trying to sell Ilva since 2015 when the state took full control of the plant in a bid to clean up the polluted site.

06 Jun 2017 12:54 PM

Arcelor Mittal's Chairman and CEO lakshmi Mittal.

SAIL, ArcelorMittal JV may be finalised this month

SAIL and ArcelorMittal have inked pact to set up a Rs 5,000 crore auto-grade steel plant.

23 May 2017 3:53 PM

Steel producers expected to solve difference

Govt expects them to resolve differences over setting up of about Rs 5,000-crore autograde steel plant.

17 Mar 2017 7:10 PM

ArcelorMittal back in black on operating profit

Global steel giant booked net profit of $1.8 bn in 2016 against a net loss of $7.9 bn last year.

11 Feb 2017 12:53 PM

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