All articles tagged with #arcelormittal
Italy’s state‑backed Acciaierie d’Italia has sued ArcelorMittal in Milan for €7bn, alleging mismanagement of the Taranto steelworks after the government seized control from the Luxembourg group. The move comes as ArcelorMittal faces a separate Energy Charter Treaty arbitration against Italy, and as officials scramble to rescue Europe’s largest steel plant with investments and a viable industrial plan for its 10,000 workers.
ArcelorMittal has abandoned plans to convert German steel plants to green hydrogen use due to high energy costs and uncertainty, and may also close its biofuels plant in Belgium because of restrictive EU regulations, highlighting challenges in Europe's decarbonisation efforts and industrial competitiveness.
U.S. Steel has reportedly received multiple bids in excess of $40 per share, causing its stock to rise. The sale process, which began in August with an unsolicited bid from Cleveland Cliffs, is nearing its conclusion. Cleveland Cliffs' current bid is higher than its original offer, potentially structured to mitigate anti-trust concerns. If successful, the merger would create a company accounting for a significant portion of flat-rolled and auto-grade steel in the U.S. ArcelorMittal also submitted a bid, with potential financing to offer $45 per share in all cash.
A methane gas explosion at the Kostenko coal mine in Kazakhstan has claimed the lives of at least 45 miners, with one still missing. The mine is owned by ArcelorMittal, the world's largest steel producer, and operated by its local representative. Operations at the company's eight mines in the region have been suspended, and a criminal investigation has been launched. The Kazakh government and ArcelorMittal recently signed an agreement to transfer ownership of the mine to Kazakhstan. The mining sector contributes significantly to Kazakhstan's GDP.
At least 32 people have died and 14 are missing after a mine fire in Kazakhstan's Kostenko mine operated by ArcelorMittal Temirtau. The fire, suspected to be caused by a methane blast, led to the evacuation of 206 out of 252 people. Kazakh President Kassym-Jomart Tokayev declared a national day of mourning and ordered a halt to investment cooperation with ArcelorMittal Temirtau. The government and the company are working on finalizing a deal to nationalize the company, which operates the country's largest steel mill.