Skip to content
Search

Latest Stories

Liberty Steel picks former ArcelorMittal bigwig for top role

LIBERTY STEEL on Monday (18) announced appointment of former AcrcelorMittal heavyweight Paramjit Kahlon as the chief executive officer (CEO) of its primary steel and integrated mining businesses.

The venture is party of GFG Alliance, a conglomerate owned headed by British-Indian commodities tycoon Sanjeev Gupta, who recently consolidated his steelmaking and mining interests into a single company to form Liberty Steel Group.


It is the eighth largest steel group outside China, employing 30,000 people with operations in the UK, Europe, the US and Australia.

"I am delighted to announce the appointment of Paramjit Kahlon as CEO.... He is one of the world''s top steel executives whose experience will be invaluable as we execute our global strategy, drive synergies across the group and achieve carbon neutrality by 2030," said Gupta.

Kahlon will oversee all the group's primary steel and integrated mining businesses located in Ostrava in the Czech Republic, Galati in Romania, and Whyalla and Tahmoor in Australia.

"His immediate focus will be on dealing with the Covid-19 crisis and ensuring the operations are sustainable over the long term through investment in lower carbon technologies such as hydrogen, DRI (directly reduced iron) and electric arc furnaces," a statement from the business house said.

Kahlon had earlier held top positions at ArcelorMittal, another global steel and mining giant. He handled several key roles in the company, and was CEO for its businesses in CIS countries and the Middle East before moving to the Liberty group.

"I look forward to work with Sanjeev and the team as we manage the current Covid-19 crisis and embark on our journey to deliver Liberty Steel Group's vision to become carbon neutral by 2030," he said.

More For You

Shein-Reuters

Shein had aimed to go public in London in the first half of this year, subject to regulatory approvals in the UK and China. (Photo: Reuters)

Shein cuts valuation to £40 billion for London listing

SHEIN is preparing to lower its valuation to around £40 billion for a potential initial public offering (IPO) in London, according to three Reuters sources familiar with the matter.

This is nearly 25 per cent lower than the company's 2023 fundraising valuation as it faces increasing challenges.

Keep ReadingShow less
Northern-Superchargers-Getty

Ben Stokes and Matthew Short of Northern Superchargers walk out to bat during The Hundred match between Manchester Originals and Northern Superchargers on August 11, 2024 in Manchester, England. (Photo: Getty Images)

Sunrisers Hyderabad to acquire Northern Superchargers in £100 million deal

INDIAN Premier League franchise Sunrisers Hyderabad is set to become the first full owners of an English Hundred team after agreeing to buy Yorkshire’s Northern Superchargers for a reported £100 million.

The Sun Group will be the third IPL-linked investor in the eight-team Hundred competition, following Reliance Industries, which owns Mumbai Indians, and RPSG, which runs Lucknow Super Giants.

Keep ReadingShow less
BT-Getty

A view of the British Telecom (BT) headquarters in central London. (Photo: Getty Images)

BT to remove diversity targets from manager bonuses

BT will remove diversity, equity, and inclusion (DEI) targets from its manager bonus scheme, replacing them with a measure of overall employee engagement.

The change, set to take effect in April, follows consultation with major investors and has received “strong support,” according to the company, The Telegraph reported.

Keep ReadingShow less
India's central bank cuts interest rates for first time since 2020

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.. (Photo credit: Reuters)

India's central bank cuts interest rates for first time since 2020

THE RESERVE BANK OF INDIA (RBI) reduced interest rates on Friday for the first time in nearly five years, citing concerns over economic growth despite inflation risks.

The central bank announced a 25-basis-point cut in the benchmark repo rate to 6.25 per cent, the rate at which it lends to commercial banks.

Keep ReadingShow less
Sri Lanka seeks to negotiate with Adani over renewable energy plants

Gautam Adani

Sri Lanka seeks to negotiate with Adani over renewable energy plants

SRI LANKA’S government started talks with India’s Adani Group to lower the cost of power from two wind power projects the group will build in the island nation’s northern province, the cabinet spokesman said last Tuesday (28).

Sri Lanka has been reviewing the group’s local projects after US authorities in November accused billionaire founder Gautam Adani and other executives of being part of a scheme to pay bribes to secure Indian power supply contracts. Adani has denied the allegations.

Keep ReadingShow less