Arcelor Mittal-Nippon Steel seeks support from the government for expansion

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Hazira-based Arcelor Mittal-Nippon Steel (AM-NS) has approached Indian government, seeking specific policy support to an ambitious plan to expand its steel-making capacity in India with “significant investments”. The L.N. Mittal-owned company is evaluating an option of setting up a large green-field facility in eastern India, but may also opt for further expansion through the inorganic […]

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ArcelorMittal flags lower profits

ArcelorMittal, the world’s largest steelmaker, forecast its steel shipments would fall by up to a third in the second quarter, leading to sharply lower profits as coronavirus restrictions hit demand. The company said it had suspended dividend payments until further notice and was cutting planned investment this year by a quarter, but Chief Financial Officer […]

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Coronavirus outbreak and lockdown impact weighs on Indian steel industry

The outbreak of COVID-19 and a lockdown to prevent the spread are threatening to impact production of steel companies. Tata Steel is closing down its downstream standalone units in Maharashtra and Uttar Pradesh in line with guidance from respective states. The main sites at Jamshedpur, Kaliganagar and Angul, however, are operational, as they are process […]

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ArcelorMittal to review its Canadian and Brazilian iron assets

The Mittals-owned ArcelorMittal is evaluating a potential sale of some of its iron ore operations, as the world’s biggest steelmaker seeks to cut debt by divesting non-core businesses, reports Bloomberg. The company is reviewing its iron ore assets in Canada, Brazil and Liberia. ArcelorMittal is reported to be speaking with financial advisers about options including […]

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Will Odisha house the Rs 150-bn SAIL-ArcelorMittal auto grade steel JV?

The Steel Authority of India Limited (SAIL) has written to the Odisha government, evincing interest to locate the auto grade steel facility in a joint venture with UK-based ArcelorMittal in the state, the Business Standard newspaper reported. Odisha has been home to steel manufacturing units owned by Tatas, Jindals and others. The state with proximity to sea […]

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Daily Masala

Here is what others are talking about this morning: Gold prices inch up ahead of minutes from latest Fed meeting Oil prices edge up on falling US crude stocks, but global glut still weighs Dollar revived by upbeat U.S. data, North Korea respite India’s gold imports double to $13.35 billion Iron ore may be topping […]

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