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Top related persons:
ArcelorMittal - 2 USW - 2 Greg Roumeliotis - 2 “ - 1 Kassym - 1 Jomart Tokayev - 1 Lawrence Bryant - 1 Lourenco Goncalves - 1
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U.S . Steel - 4 REUTERS - 4 . Steel - 4 Steel - 4 Esmark Inc - 4 ArcelorMittal SA - 4 Thomson - 4 U.S - 3

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8 mentions found


☆ Blast kills dozens of coal miners in Kazakhstan
  + stars: | 2023-10-30 | by ( Akanksha Sharma | Heather Chen | ) edition.cnn.com   time to read: +1 min
CNN —At least 45 coal miners were killed in a fire sparked by a methane gas explosion at a mine in Kazakhstan, authorities in the country said on Sunday. In a statement, the Ministry for Emergency Situations said the blast sparked a blaze early on Saturday at the Kostenko mine in the Karaganda region, state-owned Kazinform news agency reported. More than 200 people were evacuated from the mine to safety and search efforts are ongoing for one missing miner, the ministry said. The mine is owned by Luxembourg-based ArcelorMittal, the world’s largest producer of steel, and run by its local representative ArcelorMittal Temirtau, which operates multiple coal and iron ore mines across Kazakhstan. The multi-billion dollar mining sector accounted for an estimated 17% of GDP in mineral-rich Kazakhstan in 2021, according to the US International Trade Administration.
Persons: ArcelorMittal, “, Kassym, Jomart Tokayev Organizations: CNN, Ministry, Emergency, General, Office, Kazakh, US International Trade Administration Locations: Kazakhstan, Karaganda, Luxembourg, Kazakh, Temirtau
☆ Cleveland-Cliffs demands U.S. Steel to reveal all buyout offers
  + stars: | 2023-08-22 | by ( ) www.reuters.com   time to read: +1 min
Steel workers at U.S. Steel Granite City Works in Granite City, Illinois, U.S., May 24, 2018. U.S. Steel, which rejected Cliffs' $7.3 billion cash-and-stock offer as inadequate, had earlier said it was exploring "multiple unsolicited proposals". The stance comes after the USW said last week it would only back Cleveland-Cliffs as a suitor for the company. Even if U.S. Steel has not received any bids, the company must acknowledge that no such proposals have been received, Cleveland-Cliffs said. U.S. Steel had also attracted a $7.8 billion all-cash offer from Esmark Inc and a potential acquisition interest from ArcelorMittal SA (MT.LU).
Persons: Lawrence Bryant, USW, Lourenco Goncalves, Priyamvada, Krishna Chandra Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Tuesday U.S . Steel, United Steelworkers, . Steel, U.S, Steel, Cliffs, Esmark Inc, ArcelorMittal SA, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, Cleveland, Bengaluru
☆ U.S. Steel says union cannot block company's sale
  + stars: | 2023-08-17 | by ( ) www.reuters.com   time to read: +1 min
REUTERS/Quinn Glabicki/File Photo Acquire Licensing RightsAug 17 (Reuters) - U.S. Steel (X.N) said on Thursday that its labor agreement with United Steel Workers (USW) does not afford the union the right to veto a sale of the company that may arise from its recently announced strategic review. The union said that "over the years, Cliffs has shown itself to be an outstanding employer to all of its workers." U.S. Steel, which rejected Cliffs' $7.8 billion cash-and-stock offer as inadequate, has said it is exploring "multiple unsolicited proposals". In a regulatory filing, U.S. Steel said its agreement with the union gives it the right to counter with its own acquisition offer for assets covered under their bargaining agreement. If the union does not make an offer its board deems superior, U.S. Steel can sell itself to the bidder of its choosing.
Persons: . Steel Edgar Thompson, Quinn Glabicki, USW, Ananta Agarwal, David Gregorio Our Organizations: ., REUTERS, . Steel, United Steel Workers, Cliffs Inc, U.S . Steel, Esmark Inc, ArcelorMittal SA, Steel, U.S, Thomson Locations: Braddock , Pennsylvania, U.S, Cleveland, Bengaluru
☆ Focus: How U.S. Steel became an acquisition target
  + stars: | 2023-08-17 | by ( Anirban Sen David Carnevali | Anirban Sen | David Carnevali | ) www.reuters.com   time to read: +5 min
[1/2] Idled blast furnaces at U.S. Steel Corp's Granite City Works in Granite City, Illinois, U.S. on on July 5, 2017. Two other U.S. rivals, Nucor Corp (NUE.N) and Steel Dynamics Inc (STLD.O), trade at 6.9 times and 5.8 times, respectively, according to Refinitiv data. These two companies' offers both value U.S. steel at 6.2 times its 2024 EBITDA, according to RBC Capital Markets analysts. Unlike blast furnaces, EAFs do not have to be operated at constant rates, allowing them to adjust to fluctuations in steel demand. EAFs also release much less carbon dioxide than blast furnaces, reducing climate-warming emissions.
Persons: David Lawder, EAFs, Joe Biden, Jefferies, David Burritt, Donald Trump, Anirban Sen, David Carnevali, Greg Roumeliotis, Sonali Paul Organizations: . Steel, REUTERS, US Steel, . Steel Corp, Cliffs Inc, Esmark Inc, Reuters, ArcelorMittal SA, Cleveland Cliffs, Nucor Corp, Steel Dynamics Inc, Steel, RBC Capital Markets, U.S, ., Steel's, U.S . Steel, Donald Trump . Supply, Thomson Locations: Granite City, Granite City , Illinois, U.S, Pittsburgh, Cleveland, New York
☆ ArcelorMittal weighs possible bid for US Steel
  + stars: | 2023-08-16 | by ( Greg Roumeliotis Emma-Victoria Farr | Greg Roumeliotis | Emma-Victoria Farr | ) www.reuters.com   time to read: +2 min
REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsAug 16 (Reuters) - ArcelorMittal SA (MT.LU), the world's second-largest steelmaker, is considering a potential offer for U.S. Steel Corp (X.N), three people familiar with the matter said on Wednesday. ArcelorMittal is discussing a possible offer with its investment bankers, and there is no certainty that it will press ahead with it, the sources said. Representatives for ArcelorMittal and U.S. Steel did not immediately respond to requests for comment. ArcelorMittal's deliberations come after U.S. Steel said on Sunday it had launched a process to explore interest from potential acquirers. The United Steelworkers union supports Cleveland-Cliffs' bid, however U.S. Steel has rebuffed it as "unreasonable".
Persons: Benoit Tessier, ArcelorMittal, Steel, Greg Roumeliotis, Victoria Farr, Kirsten Donovan Organizations: REUTERS, ArcelorMittal SA, U.S . Steel Corp, U.S . Steel, Cliffs Inc, Esmark Inc, Representatives, ArcelorMittal, Steel, . Steel, The United Steelworkers, Thomson Locations: Dunkirk, France, Cleveland, New York, U.S, China, Europe, Frankfurt
☆ ArcelorMittal beats profit expectations on higher steel demand
  + stars: | 2023-05-04 | by ( Marine Strauss | ) www.reuters.com   time to read: +1 min
BRUSSELS, May 4 (Reuters) - ArcelorMittal, the world’s second largest steelmaker, said it had a "good growth" in the beginning of the year as it reported higher than expected first-quarter earnings. ArcelorMittal said on Thursday global steel demand, excluding China, should grow in 2023 between 2% and 3%, and maintained its expectation that its own shipments will increase by around 5% this year. The Luxembourg-based company said on Thursday first-quarter core profit (EBITDA), the figure most watched by the market, was $1.82 billion, much lower then the year-ago figure of $5.08 billion but higher than the average forecast in a company poll of $1.64 billion. ArcelorMittal said it had benefited from a gradual recovery in steel demand, resulting in apparent steel consumption growth and rebound in steel spreads as well as better mining performance. Reporting by Marine Strauss @StraussMarine; editing by Philip BlenkinsopOur Standards: The Thomson Reuters Trust Principles.
☆ Form Energy to build long-duration battery plant in West Virginia
  + stars: | 2022-12-22 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Dec 22 (Reuters) - Form Energy Inc, a startup hoping to make long-duration storage batteries from materials including iron to store power from renewable energy, will partner with West Virginia to build a manufacturing plant in the state, the company and politicians said on Thursday. West Virginia Governor Jim Justice and Form Energy, backed by supporters including Bill Gates' Breakthrough Energy Ventures, said the plant will be built with a total investment of up to $760 million. Form Energy aims to build batteries using iron, air and water. Form says the batteries can store power for days, much longer than ones based on lithium-ion, and using less expensive materials. "The path forward is innovation, not elimination, and with this announcement West Virginia and Form Energy are doing just that," Manchin said in a statement.
☆ ArcelorMittal's Q3 profit beats expectations on energy savings
  + stars: | 2022-11-10 | by ( ) www.reuters.com   time to read: +1 min
BRUSSELS, Nov 10 (Reuters) - ArcelorMittal (MT.LU), the world’s second-largest steelmaker, reported higher-than-expected third-quarter earnings on Thursday as cost cutting and energy savings offset declining demand. The Luxembourg-based company said third-quarter core profit (EBITDA), the figure most watched by the market, was $2.7 billion. This was less than half the year-ago figure, but higher than the average forecast in a company poll of $2.34 billion. ArcelorMittal said it had cut its gas consumption in Europe by 30% in a bid to counter surging energy prices, as a slowdown in economic growth across the globe weakened demand for steel. The company said that in the face of weaker demand and higher energy costs, it had cut capacity accordingly, adding that demand should pick-up once industry destocking was completed.
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