MT - ArcelorMittal

NYSE - Nasdaq Real Time Price. Currency in USD
18.35
-0.16 (-0.86%)
As of 10:36AM EST. Market open.
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Previous Close18.51
Open18.36
Bid18.68 x 800
Ask18.69 x 4000
Day's Range18.27 - 18.78
52 Week Range12.53 - 24.24
Volume1633027
Avg. Volume3,197,743
Market Cap18B
Beta (5Y Monthly)2.36
PE Ratio (TTM)29.93
EPS (TTM)0.61
Earnings DateFeb 21, 2017 - Feb 27, 2017
Forward Dividend & Yield0.20 (1.13%)
Ex-Dividend Date2019-05-16
1y Target Est22.92
  • Macron Says No Climate Aid for Poland Unless It Backs CO2 Target
    Bloomberg

    Macron Says No Climate Aid for Poland Unless It Backs CO2 Target

    (Bloomberg) -- French President Emmanuel Macron says Poland won’t have access to a 100 billion-euro pot of climate transition funds unless it signs up to the European Union’s emissions goals in June.Poland was the only holdout as EU leaders pledged to eliminate net carbon emissions by 2050 at a summit in Brussels Friday. While 26 nations gave an unqualified endorsement to the goal, Poland, in an unusual fudge, endorsed the objective without committing to meeting it. Polish Prime Minister Mateusz Morawiecki was given another six months to decide whether to join the EU effort.“One member country doesn’t have the necessary visibility in its national strategy,” Macron said at a press conference. “If in the end they don’t sign up, Poland will be excluding itself from mechanisms like the solidarity mechanism.”The EU’s historic decision sets in motion a radical overhaul of the economy but despite adding funding to help poorer states like Poland make the transition it also laid bare the divisions in the continent.The late-night negotiations with Morawiecki highlight the difficulties ahead for the EU as it works out how to pay for an overhaul that will transform everything from energy production to transport, agriculture and the design of cities.“Poland will reach climate neutrality at its own pace,” Morawiecki said. “We will adjust the pace to the condition of our economy, to what we can afford and to what the Just Transition Fund will be and how much Poland will get from this fund.”The leaders’ statement gives the commission the mandate to start designing laws in an unprecedented environmental clean-up and has already begun to spur action by industrial giants. ArcelorMittal announced on Friday that it set a target to reduce emissions by 30% by 2030 to contribute to the Green Deal.“This is the outcome investors were looking for,” said Stephanie Pfeifer, chief executive of the Institutional Investors Group on Climate Change. “The policy certainty it provides will help unlock the additional flows of capital required to deliver a climate neutral future.”Polish BreakLeaders agreed to return to the issue in June and before then the EU will also be negotiating its next seven-year budget. That may offer the rest of the bloc a chance to turn up the pressure on Morawiecki with Poland already the biggest beneficiary of EU funds and Warsaw angling for additional help from the transition fund to clean up its power industry.“The devil’s in the details and we want to explain the details, so that the new fund will serve a real, fair transformation of Poland’s economy, the power sector, and serve Polish households,” Morawiecki told reporters Friday. “This could be a huge injection of very good, extra funds.”Why ‘Carbon Neutral’ Is the New Climate Change Mantra: QuickTakeThe net-zero emissions target, which EU leaders have been debating for almost a year, constitutes the cornerstone of the commission’s far-reaching strategy to stake its economic future on an environmental clean-up.With U.S. President Donald Trump set to pull the world’s biggest economy out of the Paris Climate Accord and China, the world’s biggest polluter, still building more coal power plants than the rest of the world combined, Europe is looking to seize the initiative in the global campaign to rein in the effects of climate change -- and betting that it will bring a dividend in terms of jobs and economic growth.Under the commission’s proposals, the transition to climate neutrality would start next year and involve stricter emission limits for industries from cars to chemicals, revamped energy taxes, new rules on subsidies for companies, greener farming, and possibly an environmental import tax. Everything from finance to the design of cities would need to become more sustainable.“I am pleased with this important agreement yesterday about climate change,” European Council President Charles Michel said on Friday. “It was very important for the EU to decide and to have a common goal -- climate neutrality by 2050 -- with a clear vision about the investment we have to develop.”(An earlier version corrected the date of the ArcelorMittal announcement)\--With assistance from Robert Jameson, Arne Delfs, Viktoria Dendrinou, Nikos Chrysoloras, Ian Wishart, Jonathan Stearns, John Follain and Maciej Onoszko.To contact the reporters on this story: Ewa Krukowska in Brussels at ekrukowska@bloomberg.net;Helene Fouquet in Paris at hfouquet1@bloomberg.netTo contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Richard Bravo, Ben SillsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • GlobeNewswire

    Results of the Invitation for Offers to Sell Any and All Bonds for Cash in relation to the following bonds issued by ArcelorMittal €600,000,000 2.875% Notes due 6 July 2020(2020 Bonds);and €500,000,000 3.00% Notes due 9 Apr 2021(2021 Bonds)

    NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) (THE “UNITED STATES”) OR TO ANY U.S. PERSON (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT OF 1933, AS AMENDED) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS DOCUMENT AND THE INVITATION FOR OFFERS. Luxembourg, 9 December 2019 – 10:15 CET - On 29 November 2019, ArcelorMittal (“ArcelorMittal” or the “Company”) announced the commencement of an invitation (subject to offer restrictions) to holders of the bonds (“Bondholders”) set forth in the table below (the “Bonds”) to submit offers to sell (each such offer, an “Offer to Sell”) any and all of the Bonds to the Company for cash (the “Invitation”) on the terms and subject to the conditions set out in the Invitation for Offers dated 29 November 2019 (the “Invitation for Offers”).

  • Italy ready to take 18% stake in Ilva steel plant: paper
    Reuters

    Italy ready to take 18% stake in Ilva steel plant: paper

    The Italian state is ready to take an 18% stake in the troubled Ilva steel plant in southern Italy through a public agency, newspaper Il Messaggero reported on Sunday, citing a draft proposal to save the factory. Industry ministry officials will present the plan on Monday to steel firm ArcelorMittal, the daily said, in an attempt to convince it to scrap its threat to walk away from a 2018 deal to buy the plant in the city of Taranto. The factory directly employs around 8,200 workers in one of Italy's least prosperous areas.

  • Financial Times

    Italy poised to give emergency aid to steel industry

    The Italian government is ready to follow up emergency aid for Alitalia by injecting hundreds of millions of euros of loans into its struggling steel industry if Rome cannot find a private sector solution for a dual industrial crisis that has shaken its fragile coalition government. Stefano Patuanelli, minister for economic development, said in an interview with the Financial Times that Italy was prepared to intervene if necessary in its Ilva steel works with funds that would be likely to place Rome under further scrutiny from Brussels over possible illegal state aid to Italian companies.

  • GlobeNewswire

    ArcelorMittal announces financial calendar for 2020

    4 December 2019, 13:00 CET ArcelorMittal today announces its financial calendar for 2020. Earnings results announcements: 6 February 2020: Q4 and full year 20197 May 2020:.

  • Wait Until Donald Trump Hears About the Carbon Border Tax
    Bloomberg

    Wait Until Donald Trump Hears About the Carbon Border Tax

    (Bloomberg Opinion) -- Next week, the European Union’s leaders will commit to cutting net greenhouse gas emissions to zero by 2050. This historic pledge will require the continent to radically overhaul its entire economy, including a revolution in the production of steel, cement and chemicals — whose carbon emissions are particularly difficult to abate.None of this will happen, however, unless European companies feel able to invest in making themselves greener without suffering a loss of competitiveness. So the European Commission has been toying with the idea of a so-called “carbon border tax,” which would penalize imports from countries that don’t meet the same environmental standards.It’s a sensible idea but one that’s likely to cause the EU no end of grief. If U.S. President Donald Trump gets wind of a European “Green Deal” that includes a possible tax on American imports to help fight climate change (something he appears not to believe in), he’ll no doubt hit the roof. The climate crisis and trade conflicts are two of the world’s biggest challenges and they might be about to collide.(1)The logic of a carbon border tax is straightforward. To reach net zero emissions, Europe will have to expand the scope and effectiveness of its carbon trading system, which aims to to curb CO2 by making polluters pay. But if the price of purchasing pollution allowances keeps climbing (as it has been), businesses might decamp to countries with laxer emissions controls, a phenomenon known as “carbon leakage.” “If necessary, if there is carbon leakage, we will have to think about a carbon border tax,” European Commission president Ursula von der Leyen told the United Nations climate summit in Madrid this week. The risk of carbon leakage is much debated. There’s been little evidence of it so far but that’s probably because carbon prices have been low and heavy industry hasn’t had to expend much effort on cutting emissions; the power-generating sector has done most of the work.Things are about to become much tougher for Europe’s big industrial companies. In future, they’ll have to shut down their most polluting plants or make them clean. Much of the technology to do the latter is still in its infancy and is expensive.  By forcing non-EU businesses to pay the same carbon price as local companies via the border tax, the theory is that the EU could cajole other countries into following its climate lead, while ensuring a level  playing field for domestic industry. Naturally, large steelmakers such as ArcelorMittal SA are strongly in favor.Structuring and policing such a tax would certainly be complicated; measuring the carbon content of imported products isn’t simple. There are hints that it will be confined to just a few sectors at first. But the politics are even more nightmarish. Following the U.S. retaliation this week against  France’s digital tax, there’s a danger a carbon border tax would prompt Trump to ratchet up his trade crusades. German industry is particularly worried about this.The EU says any border tax would have to be compliant with World Trade Organization rules. But Brussels needs to tread carefully and Trump isn’t the only worry.A decade ago the bloc tried to impose a carbon tax on flights landing in the EU, regardless of where they took off. International condemnation was brutal and swift. Then Secretary of State Hillary Clinton wrote a letter strongly objecting to the EU’s unilateral approach. The U.S. Senate voted unanimously to block American airlines from complying. Amid fears that China would scrap a multi-billion dollar order for Airbus jets, Europe backed down.(2) Is the EU about to overstep again? Maybe it has no choice. “The world is a different place than it was 10 years ago,” says Andrew Murphy of the research group Transport & Environment. “With smart diplomacy there's no reason why a carbon border adjustment has to suffer the same fate as aviation did.”The urgency is certainly greater now and lots more countries have embraced emissions trading. But only last week China warned the EU against imposing a carbon tax on its exports.Europe shouldn’t let itself be dissuaded. Plenty of smart people think carbon border taxes are necessary, including Ben Bernanke and Alan Greenspan, both former heads of the Federal Reserve. As the birthplace of the industrial revolution, the continent has a unique responsibility to curb planet-heating carbon emissions, including those embedded in goods consumed here but produced elsewhere. So long as net carbon emissions keep rising the planet will keep getting hotter. Countries and companies leading the way shouldn’t be punished for tackling this.(1) For more see this Centre for European Reform paperand this Bruegel blog postand paper. Carbon border taxes are also mentioned in the United Nations' Emissions Gap reportand by the Energy Transitions Commission.(2) Only intra-European flights were subject to emissions trading.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • GlobeNewswire

    ArcelorMittal Announces Invitation for Offers to Sell Any and All Bonds for Cash in relation to its EUR 600,000,000 2.875% Notes due 6 July 2020 (the “2020 Bonds”); and EUR 500,000,000 3.000% Notes due 9 April 2021 (the “2021 Bonds”)

    NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED OR RESIDENT IN THE UNITED STATES, ITS TERRITORIES AND POSSESSIONS (INCLUDING PUERTO RICO, THE U.S. VIRGIN ISLANDS, GUAM, AMERICAN SAMOA, WAKE ISLAND AND THE NORTHERN MARIANA ISLANDS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA) OR TO ANY U.S. PERSON (AS DEFINED BELOW) OR IN ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THE INVITATION FOR OFFERS. Luxembourg, 29 November 2019 – 10:15 CET – ArcelorMittal (“ArcelorMittal” or the “Company”) announces the commencement of an invitation (subject to offer restrictions) to holders of the bonds (the “Bondholders”) set forth in the table below (the “Bonds”) to submit offers to sell (each such offer, an “Offer to Sell”) any and all of the Bonds to the Company for cash (the “Invitation”).

  • ArcelorMittal to Roll Out Sustainability Program in Europe
    Zacks

    ArcelorMittal to Roll Out Sustainability Program in Europe

    ArcelorMittal (MT) expects to secure the ResponsibleSteel site certification for each of its Flat Products site.

  • GlobeNewswire

    ArcelorMittal announces publication of notice of redemption of the entire outstanding amount of its 5.500% Notes due March 1, 2021 

    ArcelorMittal confirms that it has given notice that it will redeem all of the outstanding 5.500% Notes due March 1, 2021 (CUSIP: 03938LAU8; ISIN: US03938LAU89) (the “5.500% Notes”) on December 27, 2019 (the “Redemption Date”). Following prior tender offers, the current outstanding principal amount of the 5.500% Notes is U.S.$756,095,000 (original issuance of U.S.$1,500,000,000). The 5.500% Notes shall be redeemed at a price equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments (as defined in the Indenture) of the Notes to be redeemed, discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as defined in the indenture dated as of May 20, 2009, as supplemented by the fourth supplemental indenture dated as of March 7, 2011, each between the Company and HSBC Bank USA, National Association) plus 35 basis points (the “Redemption Price”), in each case plus accrued and unpaid interest thereon to the Redemption Date.

  • Global Steel Output Drops as China Loses Steam: What's Ahead?
    Zacks

    Global Steel Output Drops as China Loses Steam: What's Ahead?

    Chinese steel production slipped 0.6% year over year to 81.5 Mt in October amid Beijing's anti-pollution drive.

  • GlobeNewswire

    ArcelorMittal S.A.: ArcelorMittal invests in new sustainability programme across Europe

    ArcelorMittal today announces plans to roll out a new sustainability programme across Europe, aiming to secure ResponsibleSteel site certification for all its ArcelorMittal Europe - Flat Products sites. The 12-month programme will enable each site to prove that our production processes meet rigorously defined standards across a broad range of social, environmental and governance criteria.

  • How the Steel Industry Made Millions From the Climate Crisis
    Bloomberg

    How the Steel Industry Made Millions From the Climate Crisis

    (Bloomberg Opinion) -- Europe’s steel industry is in crisis again and there’s no shortage of reasons for all the financial losses and job cuts. Stagnating demand, surplus production capacity, higher iron ore prices and a surge in imports caused by trade conflicts are just some of them.But when Tata Steel Ltd. announced 3,000 job losses at its European arm this week, the company also pointed to a “significant increase” in the cost of carbon emission permits.Blaming the CO2 price has become a common yet questionable refrain in the industry. ArcelorMittal offered a similar excuse when it announced big production cuts in May. British Steel Ltd.’s collapse that same month was also linked to its obligation to purchase expensive carbon credits.The reality looks rather different. Steel is responsible for about 7% of global emissions but even today the sector is mostly shielded from having to buy carbon pollution permits in Europe. Steelmakers are in a tight spot but they shouldn’t grumble about a policy that’s been lucrative for them in the past and whose purpose is to help them clean up their act.To recap, the EU’s emission trading system was created more than a decade ago to help mitigate the climate crisis by making polluters pay. Utilities, industrial plants and airlines are required to obtain permits to match how much they pollute. The reason for the industry’s complaints now is that the cost of those allowances has more than trebled in the past two years after the European Union tweaked the system.That’s theoretically difficult for steelmakers because they emit almost two metric tons of CO2 for every ton of steel produced. A roughly 50-euro ($55) CO2 price for each marginal ton of output is significant because the spread between steel prices and the cost of the raw materials needed to make it has fallen to about 250 euros a metric ton. “Considering that steel makers are barely profitable the pressure from CO2 prices is substantial,” says Benjamin Jones of CRU, a metals and mining consultancy. Yet all the steelmakers’ complaints ignore an important financial safety net for the industry. Because of the perceived threat of so-called “carbon leakage” (where companies decamp to places with cheaper pollution costs) the least polluting steelmakers still receive free allowances that cover 100% of their emissions.(1)“Given how generous free allocation has been, steel should be among the industries hurting the least from the carbon price,” says Jahn Olsen, a carbon analyst at BloombergNEF.Furthermore, the production cuts after the 2008-2009 recession left steelmakers with large surpluses of emission permits which they were free to keep or sell at a profit. While the extent of the industry’s windfall profit from this is disputed, one study found it could be 8 billion euros ($8.8 billion). Some steelmakers are still benefiting today.Tata Steel’s European arm generated 211 million pounds ($273 million) of income from selling surplus allowances in the fiscal year to March, its annual accounts show. It’s pretty bold of the steelmaker to call out the rising cost of pollution permits when it’s just booked a big profit from them. There are echoes here of what happened to British Steel,(2) which sold emission permits only to discover later that it needed them.(3) “The European steel sector is in a tough spot but to blame carbon pricing is disingenuous,” says Sam Van den plas, policy director at Carbon Market Watch. For now the largest and most technically advanced steelmakers probably aren’t having to fork out much for allowances.This will change gradually after 2021 when the so-called fourth phase of emissions trading begins. But the EU still expects to hand out 6.3 billion free permits to polluters during that period, worth more than 150 billion euros at current prices. For now ThyssenKrupp says the impact from carbon pricing is “marginal” and will probably remain so next year. It warns though of “considerable risks” in the post-2021 period.Tata says it expects to spend more than last year’s 211 million-pound gain on permits in coming years, but didn’t provide more detail.ArcelorMittal says it might have to pay out 5 billion euros between 2021 and 2030 at the current CO2 price. On an annual basis that’s about one-eighth of its analyst-estimated operating profit for 2021. This sounds a lot but it assumes the company makes no improvements in cutting pollution.Emission cuts by companies bound by the EU trading system have been fairly impressive but recent progress has come mostly from the power sector. That makes the bloc’s task of reaching climate neutrality by 2050 — something ThyssenKrupp and others have signed up to —  more difficult. Excluding power plants, the largest individual sources of carbon pollution in Europe are all steelworks.  In fairness, there’s an absence of carbon-cutting technologies in sectors like steel and cement. Techniques such as replacing coal with hydrogen in steel production show promise but most are still being trialed. Making them viable commercially would require a higher carbon price and massive investments, including on huge new sources of renewable electricity. Yet the free carbon allowances for steel companies probably didn’t motivate them enough to find more sustainable production methods. In her resolve to redouble the EU’s pollution-cutting efforts, European Commission President Ursula Von der Leyen has floated the idea of a carbon border tax on imports into the bloc to make sure domestic producers aren’t unfairly penalized.The feasibility of such a tax is unproven: Measuring the carbon content of manufactured good is tricky and the levy would have to reflect the fluctuating price of allowances. Even if it complies with World Trade Organization rules, a carbon tax might inflame trade tensions with the U.S.Naturally the steelmakers think a border tax is a great idea as it would expose them to less competition by deflecting “dirty” imports. Astonishingly, they’re lobbying to keep their free pollution allowances even if non-EU steelmakers are forced to pay the bloc’s carbon price. The local industry argues that its non-EU exports would become uncompetitive if it had to pay the full cost of permits while investing in emission-cutting innovations. Its lobbying sounds dangerously like an industry trying to have its cake and eat it.(1) The data show ArcelorMittal and Tata Steel receive allowances that exceedtheir emissions. However some of these must be handed to the power sector to account for the waste gases they process.(2) A company formed of assets sold by Tata Steel to Greybull Capital in 2016(3) Tata Steel sold the permits ahead of a planned merger with ThyssenKrupp's steel business which was then blocked on anti-trust grounds.To contact the author of this story: Chris Bryant at cbryant32@bloomberg.netTo contact the editor responsible for this story: James Boxell at jboxell@bloomberg.netThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.

  • Italy to restart talks with ArcelorMittal over ailing Ilva steel plant
    Reuters

    Italy to restart talks with ArcelorMittal over ailing Ilva steel plant

    Steelmaker ArcelorMittal has agreed to immediately restart talks with the Italian government over the future of the Ilva plant, Prime Minister Giuseppe Conte said after a four-hour meeting with the company. Rome and ArcelorMittal are on the brink of a legal battle as the latter tries to walk away from a 2018 deal to buy the steel plant in the southern city of Taranto, which directly employs around 8,200 workers in one of Italy's least prosperous areas. India-based ArcelorMittal has blamed its threatened exit on the Italian government's move to scrap a guarantee of legal immunity from prosecution over environmental risks while it carried out the clean-up at Ilva's heavily polluted site.

  • What Awaits U.S. Steel Stocks After an Uninspiring Q3?
    Zacks

    What Awaits U.S. Steel Stocks After an Uninspiring Q3?

    While demand weakness is likely to continue, it remains to be seen if the recent recovery in steel prices is short-lived or more sustainable heading into 2020.

  • ArcelorMittal Closes Issuance of Notes Under EMTN Program
    Zacks

    ArcelorMittal Closes Issuance of Notes Under EMTN Program

    ArcelorMittal (MT) plans to use the proceeds from the issuance for general corporate purposes.

  • India Seizes Troubled Lender to Limit Shadow Bank Crisis Fallout
    Bloomberg

    India Seizes Troubled Lender to Limit Shadow Bank Crisis Fallout

    (Bloomberg) -- India seized control of a second non-bank lender, stepping up efforts to contain the economic fallout from the nation’s shadow banking crisis.The Reserve Bank of India removed the management of troubled home-loan provider Dewan Housing Finance Corp. and will initiate bankruptcy proceedings, it said late Wednesday.The surprise move reflects efforts by Prime Minister Narendra Modi’s government to limit contagion from Dewan’s debt problems into the rest of the banking system, at a time when the economy is slowing. Since a series of defaults at a large infrastructure firm thrust shadow lenders into the spotlight last year, Dewan and others have struggled as banks and bond investors choked off access to new funding.“The intention and the message is very clear from the regulator and the government to all corporates that any defaulter will be dealt with very strictly,” said Siddharth Purohit, banking analyst at SMC Global Securities Ltd.Read a QuickTake on India’s shadow banking crisisA big player in mortgage lending, Mumbai-based Dewan has total debt of about $12.5 billion. Other shadow lenders include Altico Capital India Ltd. and Anil Ambani’s Reliance Home Finance Ltd.Dewan’s share price has plummeted more than 90% so far this year.The shadow lender had been in talks with banks to restructure its debt, and had been seeking a strategic partner to help fund an infusion of new equity. But governance concerns had hindered progress.Why a health check on India’s shadow banks points to trouble The removal of Dewan’s management and the initiation of bankruptcy proceedings offer a way forward in resolving the lender’s debt problems. It follows soon after the government’s move last week to allow financial firms to be placed into the nation’s bankruptcy court, which previously only heard cases involving non-financial companies.India’s insolvency regime was also bolstered last week by a Supreme Court ruling that paved the way for ArcelorMittal’s $5.9 billion takeover of Essar Steel India Ltd. and empowered banks to set the terms of the distribution of sale proceeds among Essar’s creditors.Still, the slow pace of bankruptcy procedures in India may suggest there’s a long road ahead for Dewan’s creditors. Arcelor battled for more than a year to take over Essar. While its offer was approved by a bankruptcy tribunal in March under the insolvency process, the payment had been kept on hold prior to last week’s Supreme Court ruling due to a dispute among lenders on the distribution of funds.\--With assistance from Swansy Afonso and Debjit Chakraborty.To contact the reporters on this story: Suvashree Ghosh in Mumbai at sghosh186@bloomberg.net;Rahul Satija in Mumbai at rsatija1@bloomberg.netTo contact the editors responsible for this story: Unni Krishnan at ukrishnan2@bloomberg.net, Abhay SinghFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • GlobeNewswire

    ArcelorMittal announces the issuance of €750,000,000 1.000 per cent.  notes due 19 May 2023 and €750,000,000 1.750 per cent. notes due 19 November 2025 under its €10,000,000,000 EMTN Programme

    ArcelorMittal announces the issuance of €750,000,000 1.000 per cent. notes due 19 May 2023 (the “2023 Notes”) and €750,000,000 1.750 per cent. notes due 19 November 2025 (the “2025 Notes” and together with the 2023 Notes, the “Notes”). The issuance closed today. The Notes were issued under ArcelorMittal’s €10,000,000,000 wholesale Euro Medium Term Notes Programme.

  • ArcelorMittal's Essar Steel Buyout Receives Final Clearance
    Zacks

    ArcelorMittal's Essar Steel Buyout Receives Final Clearance

    Following the completion of the transaction, ArcelorMittal (MT) and its partner, Nippon Steel Corporation, will jointly own and operate Essar Steel.

  • Reuters

    UPDATE 1-Italian police search ArcelorMittal offices over Ilva probe

    Italian police are searching ArcelorMittal's offices in Milan and the southern city of Taranto in an investigation into the troubled Ilva steel plant, which the company wants to hand back to the government, ArcelorMittal said in a statement. A police spokesman did not immediately respond to a request for comment. The Italian government filed an urgent court appeal on Friday to try to stop ArcelorMittal walking away from a 2018 deal to buy the heavily polluting Ilva plant, which employs some 8,200 workers in an area of high unemployment.

  • ArcelorMittal willing to re-commit to Ilva steel plant on three conditions: paper
    Reuters

    ArcelorMittal willing to re-commit to Ilva steel plant on three conditions: paper

    ArcelorMittal is drafting a plan to re-commit to the 2018 deal, under which it bought the troubled Ilva steel plant in southern Italy, on three conditions, Il Messaggero daily reported on Monday. After withdrawing from the contract, the world's biggest steel maker is drafting a proposal for Italy's government in which it will demand the reintroduction of legal immunity, the possibility to revise its industrial plan and the layoff of 5,000 workers. Italian Prime Minister Giuseppe Conte has postponed a meeting with ArcelorMittal's Lakshmi Mittal, due this week, hoping that a Milan court will already decide on an appeal filed by Rome last Friday, Il Messaggero said.

  • ArcelorMittal willing to re-commit to Ilva steel plant on three conditions - paper
    Reuters

    ArcelorMittal willing to re-commit to Ilva steel plant on three conditions - paper

    ArcelorMittal is drafting a plan to re-commit to the 2018 deal, under which it bought the troubled Ilva steel plant in southern Italy, on three conditions, Il Messaggero daily reported on Monday. After withdrawing from the contract, the world's biggest steel maker is drafting a proposal for Italy's government in which it will demand the reintroduction of legal immunity, the possibility to revise its industrial plan and the layoff of 5,000 workers. Italian Prime Minister Giuseppe Conte has postponed a meeting with ArcelorMittal's Lakshmi Mittal, due this week, hoping that a Milan court will already decide on an appeal filed by Rome last Friday, Il Messaggero said.

  • GlobeNewswire

    Indian Supreme Court approves ArcelorMittal’s acquisition of Essar Steel

    18 November 2019 08:00 CET ArcelorMittal announces that, following receipt and review of the formal written order, ArcelorMittal India Private Limited’s (‘AMIPL’) resolution.