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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   

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Sensex, Nifty drop over 1%: Investors lose Rs 4 lakh crore
Posted on 20th October 2018
Investors have lost close to Rs 4 lakh crore in the last two trading sessions alone; the total wealth eroded since September is now Rs 22.3 lakh crore.

On Friday, the Sensex shed 463.95 points, or 1.3%, to close the session at 34,315.63 while the broader Nifty 50 pared 149.5 points, or 1.4%, to end at 10,303.55. With Friday’s fall, the Nifty 50 has come off more than 12% from its August highs.


ArcelorMittal emerges as highest bidder for debt-laden Essar Steel
Posted on 20th October 2018
ArcelorMittal on Friday emerged as the highest bidder for Essar Steel, the company said in a release to the Luxembourg stock exchange.

“ArcelorMittal confirms it has been informed by the committee of creditors (CoC) for Essar Steel that it has been evaluated to be the H1 resolution applicant (the preferred bidder) in the corporate insolvency resolution process for Essar Steel,” it said. The company will now enter into further negotiations with the CoC, ArcelorMittal added.


Soon you can pay cash and get bitcoin, other cryptocurrencies at nearby ATM
Posted on 20th October 2018
Even as the legal uncertainty on crypto currencies looms in India, crypto currency exchange Unocoin has launched its first ATM in Bengaluru. Through this ATM, traders can deposit physical cash (in rupees) in their crypto wallet and can trade in bitcoin and other cryptocurrencies.

Three-fourths of 419,600 H1B visa holders in 2018 are Indians: US report
Posted on 20th October 2018
Nearly three out of every four H-1B visa holders as of October 5 are Indian citizens, an official US report has said.

According to the US Citizenship and Immigration Services (USCIS), there were as many as 419,637 foreign nationals working in the US on H-1B visas as on October 5.


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