Skip to content
Search

Latest Stories

ArcelorMittal records higher losses amid rising costs

STEEL giant ArcelorMittal said Thursday (7) lower prices and rising costs of raw materials pushed up losses in the third quarter.

The world's biggest steelmaker reported a net loss of $539 million (€587m) for the three-month period ending September 30, after a loss of $447m in the second quarter.


"As anticipated, we continued to face tough market conditions in the third quarter, characterised by low steel prices coupled with high raw material costs," chief executive officer Lakshmi Mittal was quoted as saying in a statement.

"In these markets, we remain focused on our own initiatives to improve performance and our priority is to reduce costs, adapt production and focus on ensuring the business remains cash-flow positive.

He said the group expects a "substantial working capital release" in the fourth quarter which should enable it to further reduce net debt year on year.

The Luxembourg-based multinational maintained its forecast for a rise in global steel consumption this year, although in a range of between 0.5 and one per cent.

But the outlook for Europe and the US was revised downwards as the wider industry endures job cutbacks on fierce competition as well as the effects of US tariffs imposed last year.

Revenues for the third quarter totalled $19.6 billion, down 10.2 per cent year-on-year, and down 13.7 per cent from the previous quarter, the group said.

On Wednesday (6), Italy's prime minister said ArcelorMittal had pulled out of an agreement to buy struggling Italian firm Ilva because of production concerns, warning the company wants to cut 5,000 jobs at one of its plants.

The group retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant.

(AFP)

More For You

modi-trump-getty
Trump shakes hands with Modi during a joint press conference at Hyderabad House in New Delhi on February 25, 2020. (Photo: Getty Images)

Key issues in India, US trade talks

TRADE talks between India and the US have hit a roadblock over disagreements on duties for auto components, steel and farm goods, Indian government sources said to Reuters, dashing hopes of reaching an interim deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

Here are the key issues at play:

Keep ReadingShow less
Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less