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Mittal in Essar expansion pledge
Posted on 12th May 2018
Calcutta: ArcelorMittal plans to scale up Essar Steel's capacity to 8.5 million tonnes in the medium term if it manages to win the bid, the company informed shareholders while declaring a robust first-quarter result that saw a net income of $1.19 billion, backed by the highest steel margin in nearly six years.

The Luxembourg-based company did not give any indication on how aggressive it was going to be for Essar but said the asset provided a compelling opportunity to enter a high growth market like India.

During the conference call in the afternoon, financial analysts questioned the impact of the Essar acquisition as in January, ArcelorMittal had said it would prioritise deleveraging until it achieves a net debt target of $6 billion from the level of $11.1 billion as of March 31, 2018.

Genuino M. Christino, vice-president of finance, said ArcelorMittal and Nippon Steel & Sumitomo Metal would jointly control Essar, which would be an associate company and not consolidated to the balance sheet of ArcelorMittal. This could indicate that Essar would not derail ArcelorMittal's plan to pare debt as it had done over the last decade, bringing down the burden from $30 billion post acquisition of Arcelor by Mittal Steel.

However, there is evidently a lot of fire power within ArcelorMittal to go miles for Essar. It reported a liquidity of $7.8 billion, consisting of cash and cash equivalents (including restricted cash and short-term investments) of $2.3 billion and $5.5 billion of available credit lines as of March 31, 2018.

During the conference call, company officials declined to give a time frame on when the Essar deal may be complete, saying it was a competitive process with lots of "moving parts".

Numetal, the company's competitor for Essar, moved the NCLAT on Friday, challenging the disqualification as a resolution applicant by a lower court. The NCLAT will hear the matter on May 17.

Related Companies: Essar Steel   

Other Latest News
Posted on 18th August 2018
Prime Minister Narendra Modi reviewed today the flood situation in rain-battered Kerala at a high-level meeting in Kochi.

Earlier, there were reports that the prime minister's helicopter could not take-off for an aerial survey of flood affected areas due to bad weather. But, there was no official confirmation from the state and the Union government.

Posted on 18th August 2018
Benchmark Sensex rebounded by over 284 points to close at 37,947.88 on Friday, while the NSE Nifty finished at a fresh lifetime high on the back of robust gains in FMCG, metal and banking stocks amid positive global cues.

Brokers said sentiment got a lift on uninterrupted buying by domestic institutional investors, while global markets were mixed after the US and China agreed to resume trade talks.

Posted on 18th August 2018
Hinduja flagship firm Ashok Leyland on Friday said it had bagged an order from Bangladesh Road Transport Corporation (BRTC) for supply of 300 buses.

The order is for double decker buses which have been procured against a tender under Indian Line of Credit, the company said in a statement.

Amazon’s India chief tells team to turn off work email at night
Posted on 18th August 2018
Bangalore: Amazon’s country manager for India has proposed a radical idea: Log off; get a life. In an email to his team earlier this month, Amit Agarwal counselled colleagues to stop responding to emails or work calls between 6pm and 8am in the interest of “work-life harmony.” He also talked about the importance of work discipline and how to draw the line.

Spectrum price: RCom gets relief from Supreme Court
Posted on 18th August 2018
The Supreme Court on Friday stayed a telecom tribunal order asking Reliance Communications to pay the difference between the price for spectrum in the 800 MHz band in 2013 and its auction price in 2015, as the company is in the process of selling part of its spectrum to Reliance Jio Infocomm.

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