Aditya Mittal News
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ArcelorMittal, the world’s biggest steelmaker, plans to cut costs by the end of 2015 as it seeks to emerge from a slump in demand and revive earnings.
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ArcelorMittal, the world’s biggest steelmaker, said it expects an earnings recovery in 2013 after posting the lowest quarterly profit in three years as the European debt crisis eroded demand for the metal.
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ArcelorMittal, the biggest steelmaker, is seeking about $3.5 billion through a sale of shares and bonds that automatically become stock to reduce debt. It also announced a bid for a ThyssenKrupp AG plant in Alabama.
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Lakshmi Mittal, whose $46 billion takeover in 2006 created ArcelorMittal as the world’s largest steelmaker, is getting pushed around.
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ArcelorMittal, the world’s biggest steelmaker, reported the lowest quarterly profit in almost three years and cut its 2013 dividend to save $1 billion as slowing Asian demand sinks prices and the company attempts to cut debt.
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ArcelorMittal , the world’s biggest steelmaker, forecast third-quarter profit will slump as much as 30 percent from the prior three months as China’s economy slows, costs rise and demand weakens during the European summer.
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ArcelorMittal, the world’s biggest steelmaker, posted third-quarter profit that missed analyst estimates and said it’s experiencing “volume and price pressures” in the final three months of 2011.
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ArcelorMittal, the world’s biggest steelmaker, posted first-quarter profit that beat estimates after a recovery in North America countered declining revenue from mining and weaker European demand.
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German stocks climbed as Alcoa Inc. kicked off the U.S. earnings season with better-than-expected sales, offsetting data that showed German industrial production rose less than forecast in November.
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European industrial production unexpectedly declined in March, capping a quarter that probably saw the economy slip into its second recession in as many years.
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