Free Press Journal
  • ArcelorMittal rubbishes Numetal allegations

    New Delhi : ArcelorMittal said on Tuesday its offer for the debt-laden Essar Steel is the most compelling one and asserted that there is no connection between ArcelorMittal’s eligibility and the businesses of LN Mittal’s brothers. The company’s statement comes a day after Russia’s VTB Group-backed Numetal upped the ante against rival bidder ArcelorMittal, alleging that loan defaults by firms owned by Mittal’s brothers, disqualify him under the law.

  • ArcelorMittal backtracks after accusing Vedanta of eco lapses

    New Delhi : ArcelorMittal, which is locked in a three-way fight for the acquisition of Essar Steel, first wrote a letter targeting rival bidder Vedanta over its alleged violation of environmental law and human rights but shortly thereafter withdrew the letter. ArcelorMittal on September 15 wrote a letter on “facts” in relation to alleged “environmental law violations committed in India and Zambia, illegal mining, disregard for safety standards and human rights violations”

  • ArcelorMittal sweetens Essar bid to Rs 42K-cr

    Mumbai : Steel giant ArcelorMittal on Monday offered Rs 42,000 crore to acquire Essar Steel, upstaging a Rs 37,000 crore bid by Russia’s VTB Group-backed Numetal, sources with direct knowledge of the development said.

  • NuMetal’s Essar Steel bid gets NCLAT thumbs-up

    New Delhi : The National Company Law Appellate Tribunal (NCLAT) on Friday ruled that Russia’s VTB Capital-backed NuMetal’s second bid for Essar Steel is eligible but the same by ArcelorMittal will qualify only if it clears the Rs 7,000 crore dues of firms it was previously associated within three days.

  • Loss-making SAIL declines dividend to government for FY18

    New Delhi : State-run steel maker SAIL has informed the government that it is not in a position to pay dividend for 2017-18 as it suffered a loss of Rs 281 crore in the fiscal, an official said.

  • SAIL eyes location to set up autograde plant

    New Delhi : SAIL is considering locations in three states of Gujarat, Andhra Pradesh and Maharashtra to set up Rs 5,000-crore autograde steel plant in joint venture with ArcelorMittal, Steel Minister Chaudhary Birender Singh said on Monday.

  • NuMetal alter ego of Ruias: ArcelorMittal

    New Delhi : Locked in a direct fight to acquire Essar Steel, ArcelorMittal on Thursday sought disqualification of Russia’s VTB Capital-backed NuMetal, alleging that the firm was acting in concert with delinquent promoters of Essar group.

  • JSW Steel plans bid for Arcelor’s Romanian plant

    Mumbai : JSW Steel is likely to make a bid for ArcelorMittal’s Galati plant in Romania, according to sources. The world’s biggest steelmaker ArcelorMittal has had to put six European assets up for sale to get approval from European competition authorities for its purchase of Italy’s giant Ilva plant. Ukraine’s Metinvest and Italy’s Marcegaglia are also in the fray for the Galati plant. The combined value of the assets up for sale

  • NuMetal offers Rs 37k-cr for Essar, bats for 2nd round

    New Delhi : Russia’s VTB Capital-based NuMetal on Thursday told the company law appellate tribunal, NCLAT, that it has offered over Rs 37,000 crore for Essar Steel in the second-round of bidding, which should be opened and the highest bidder be selected from it.

  • Arcelor deposits Rs 7K cr to clear Uttam dues

    New Delhi : ArcelorMittal has transferred Rs 7,000 crore to SBI to clear bank dues of loan defaulter Uttam Galva Steels so that it becomes eligible to bid for acquisition of Essar Steel, sources said.

  • Arcelor may pay off Uttam Galva dues

    Montataire (France) : ArcelorMittal, the world’s largest steel maker, on Thursday asserted that its bid for debt-laden Essar Steel is “eligible” and indicated that any pay off towards outstanding dues of Uttam Galva, a firm in which it was a minority shareholder till sometime back, would be a “goodwill gesture”.

  • Thyssenkrupp-Tata Steel’s JV to be finalised by 2018-end

    Nashik : German steel giant Thyssenkrupp expects its proposed joint venture with Tata Steel Europe to be finalised by the end of this calendar year, a senior company official said. Both the companies in September last year had announced plans to combine their European operations and form an equal joint venture, creating Europe’s second largest steel maker, after ArcelorMittal.

  • Arcelor moves NCLT over Essar bid

    Mumbai : ArcelorMittal has challenged the committee of creditors’ last week decision to reject its bid for Essar Steel on technical grounds at the Ahmedabad bench of the NCLT, the company said in a statement on Monday.

  • ArcelorMittal, VTB bid to buy Essar Steel hits snag

    New Delhi : Bids by ArcelorMittal and a consortium led by Russia’s VTB Group for acquiring debt-laden Essar Steel are said to have been recommended for rejection by the adviser evaluating the offers, sources privy to the development said.

  • JSW, Tatas in fight to acquire Bhushan Steel

    New Delhi : JSW Steel said on Sunday said that it has submitted resolution plans for Bhushan Steel Ltd, undergoing insolvency proceedings. Separately, sources told PTI that Tata Steel has also submitted a bid for the debt-ridden company. When contacted by the news agency, a Tata Steel spokesperson, however, declined to comment.

  • ArcelorMittal team visits Essar Steel, Bhushan Steel plants

     New Delhi : Eyeing the debt-laden Essar Steel and Bhushan Steel for acquisition, a delegation from global giant ArcelorMittal visited their plants for due diligence, multiple industry sources told the PTI.

  • ArcelorMittal, Tatas, Essar Group keen on Essar Steel

    New Delhi : Top global players including Tata Steel, Essar Group and ArcelorMittal are learnt to have submitted bids to acquire debt-laden Essar Steel which is going through the insolvency resolution process. Essar Steel India Ltd, an integrated steel producer with an installed capacity of 10 million tonne per annum (MTPA) is undergoing Corporate Insolvency Resolution Process (CIRP) under the provisions of Insolvency and Bankruptcy Code. The expression of interest (EoI) for