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These include plans by ArcelorMittal , the world's second-largest steelmaker, to spend 2.5 billion euros to decarbonise its German steel mills, efforts that depend on now-uncertain government support. "What we're seeing here is devastating for Germany as a business location globally. Besides the 6 billion euros of steel investments, other sectors potentially affected by the court ruling include 4 billion euros in the area of microelectronics and 20 billion euros for battery cell production, according to an economy ministry paper seen by Reuters. Those have previously been estimated at 68 billion euros. "Important industries in Germany, such as chemicals or steel production, need economical energy prices," Oliver Blume, CEO of Europe's top carmaker Volkswagen (VOWG_p.DE), told Frankfurter Allgemeine Zeitung.

Persons: Olaf Scholz, Robert Habeck, Christian Lindner, Reiner Blaschek, Chancellor Olaf Scholz, Stefan Rauber, Intel INTC.O, Taiwan's, Bernhard Osburg, Oliver Blume, Christoph Steitz, Tom Kaeckenhoff, Andreas Rinke, Catherine Evans Organizations: Climate, Finance, ArcelorMittal, SHS Stahl, Reuters, IMF, Intel, TW, Infineon, Steel, BASF, Wacker Chemie, Volkswagen, Frankfurter Allgemeine Zeitung, Thomson Locations: FRANKFURT, DUESSELDORF, Berlin, Germany, Asia, United States, U.S, USA, Steel Europe

☆ Eutelsat OneWeb gets Indian go-ahead for satellite broadband services
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Nov 21 (Reuters) - Eutelsat (ETL.PA) subsidiary Eutelsat OneWeb said on Tuesday it had won approval from India's space regulator to launch commercial satellite broadband services in the country. Prime Minister Modi's government, which is heading for elections next year, is pushing the development of India's space industry. Investors poured $119 million into Indian space startups in 2022, up from a total of just $38 million in all the years up to 2017. In March, OneWeb partnered with Indian Space Research Organization (ISRO) to launch 36 satellites. Amazon's Project Kuiper (AMZN.O) has also been in talks with regulators to offer satellite broadband services in India, the Economic Times newspaper reported last month.

Persons: Eutelsat OneWeb, Modi's, Sunil Bharti Mittal, Eutelsat, Mittal's, Mittal, OneWeb, Elon Musk's Starlink, Nivedita, Kanjyik Ghosh, Alexander Smith Organizations: Mittal's Bharti Enterprises, Airtel, Indian Space Research Organization, ISRO, Reuters, Ambani's, Economic Times, Thomson Locations: BENGALURU, India, Bengaluru

☆ France fashions slender Paris 2024 torch from raw steel
▼ + stars: | 2023-11-17 | by ( Julien Pretot | ) www.reuters.com time to read: +3 min

"It's a bit like my baby, our baby," Delphine Moulin, Paris 2024 director of celebration, told Reuters on Friday amid the sounds of metal being cut, bent, polished and sprayed with micro-particles of steel. You can see that it's different from the usually flared shape of the Olympic torch," Moulin added. You don't use the same kind of steel to make rails and to make this torch," ArcelorMittal France president Eric Niedziela said. Paris 2024 officials and ArcelorMittal have been tight-lipped on the budget of the torches' fabrication, declining to give an estimate of the overall cost. The Paris 2024 flame will be lit on April 16 in Ancient Olympia and will remain in the country for about a week before a handover ceremony in Athens and the start of its journey to France.

Persons: Delphine Moulin, Guy Degrenne, Moulin, ArcelorMittal's Franck Wasilewski, Eric Niedziela, Julien Pretot, Ed Osmond Organizations: Paris, Paralympic Games, ArcelorMittal, Reuters, Thomson Locations: Vire, France, Paris, Normandy, Greece, Ancient Olympia, Athens

☆ At least 21 dead, more missing after ArcelorMittal mine fire in Kazakhstan
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +1 min

ALMATY, Oct 28 (Reuters) - At least 21 people have died in a mine fire in Kazakhstan, ArcelorMittal Temirtau (MT.LU), the local unit of the Luxembourg-based steelmaker which operates the mine, said on Saturday. Of the 252 people at the Kostenko mine, 208 had been evacuated, with 18 seeking medical help, the company said in a statement. Kazakh President Kassym-Jomart Tokayev, who expressed condolences to victims' families, ordered his cabinet to stop investment cooperation with ArcelorMittal Temirtau. The government said in a statement that it was finalising a deal to nationalise the company, which operates the country's biggest steel mill. Last month First Deputy Prime Minister Roman Sklyar told reporters that Kazakhstan was in talks with potential investors who could take over the mill.

Persons: ArcelorMittal, Kassym, Tokayev, ArcelorMittal Temirtau, Roman Sklyar, Olzhas, William Mallard, Jason Neely Organizations: Thomson Locations: ALMATY, Kazakhstan, Luxembourg

☆ At least 28 dead, 18 missing after ArcelorMittal mine fire in Kazakhstan
▼ + stars: | 2023-10-28 | by ( ) www.reuters.com time to read: +2 min

[1/4] An ambulance drives out of the Kostenko coal mine operated by ArcelorMittal Temirtau as rescue operation continues following a mine fire, in Karaganda, Kazakhstan October 28, 2023. REUTERS/Stringer Acquire Licensing RightsSummaryCompanies Suspected methane blast, company saysSome 206 of 252 people evacuatedPresident declares Oct 29 national day of mourningGovernment, company say working to nationalise the firmALMATY, Oct 28 (Reuters) - At least 28 people have died and 18 remain missing after a mine fire in Kazakhstan, the Ministry for Emergency Situations said on Saturday. Operator ArcelorMittal Temirtau (MT.LU), the local unit of the Luxembourg-based steelmaker, said 206 of 252 people at the Kostenko mine had been evacuated after what appeared to be a methane blast. Kazakh President Kassym-Jomart Tokayev, who expressed condolences to the victims' families and declared a national day of mourning on Oct. 29, ordered his cabinet to stop investment cooperation with ArcelorMittal Temirtau. "ArcelorMittal is committed to completing this transaction as soon as possible in order to minimise disruption to the greatest extent possible."

Persons: ArcelorMittal Temirtau, Stringer, ArcelorMittal, Kassym, Tokayev, Roman Sklyar, Olzhas, William Mallard, Jason Neely Organizations: REUTERS, Ministry, Emergency, Kazakh, Thomson Locations: Karaganda, Kazakhstan, ALMATY, Luxembourg, Republic of Kazakhstan

This is because blast furnaces operate around the clock and need more workers. Goncalves is also betting that producing iron ore in-house for blast furnaces, rather than sourcing scrap steel for electric arc furnaces, will give Cliffs a competitive edge. While a few carmakers use aluminum for automotive bodies, most prefer high-grade steel from blast furnaces. Cliffs' devotion to blast furnaces, which are unionized unlike some electric arc furnaces, won it the support of United Steelworkers. The union's international president Thomas Conway said it's backing Cliffs' bid for U.S. Steel because of Goncalves' commitment to blast furnaces.

Persons: Lawrence Bryant, Lourenco Goncalves, Goncalves, Josh Spoores, Donald Trump, Phil Gibbs, Thomas Conway, Joe Biden's, Isla Binnie, Bianca Flowers, Greg Roumeliotis, Daniel Wallis Organizations: U.S . Steel, U.S . Steel Granite City, REUTERS, Cliffs Inc, U.S, U.S . Steel Corp, AK Steel, CRU Group, Steel Dynamics, Steel, Reuters, United Steelworkers, Thomson Locations: U.S . Steel Granite, Granite City , Illinois, U.S, CHICAGO, United States, Cleveland, North America, Asia, Toledo , Ohio, New York, Chicago

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

[1/3] Goldman Sachs CEO David Solomon speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, U.S., February 28, 2023. David Wagner, a portfolio manager at Aptus Capital Advisors, exited his small position in Goldman Sachs months ago because he was unimpressed with managers' handling of the consumer business. Marcus, the consumer business, lost $3 billion in three years, and is being wound down. 1Solomon took the top job in 2018, leaning into Goldman's consumer business to broaden earnings beyond volatile revenue from trading and dealmaking. The retail operations struggled to gain traction against well-established consumer banks, prompting the bank to set aside billions to cover potential loan losses.

Persons: Goldman Sachs, David Solomon, Brendan McDermid, David Solomon's, Goldman, Morgan Stanley, Tom Montag, Solomon, JPMorgan Chase, Morgan Stanley's, David Wagner, Wagner, Marcus, Montag, David, Narendra Modi, Lakshmi Mittal, ArcelorMittal, Saeed Azhar, Lananh Nguyen, Megan Davies, Anna Driver Organizations: Goldman, REUTERS, JPMorgan, Aptus Capital Advisors, Bank of America, Thomson Locations: New York City, U.S, Solomon, India, New Delhi

☆ 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.

Steel producers are estimated to produce 7-9% of all harmful emissions, according to the World Steel Association. Boston Metal makes parts for cells in which electricity splits iron ore, creating liquid iron and no byproducts or emissions apart from oxygen. "What is the point of having an electric car running on a battery and carrying dirty steel?" ArcelorMittal's investment marks a shift in steel companies' willingness to invest in the technology since Boston Metal first went out looking for funding in 2018, Carneiro said. Now all the steelmaking companies are very interested in following what we are doing because they need a solution."

☆ Pramod Mittal's deal with creditors revoked by London court
▼ + stars: | 2022-11-25 | by ( Sam Tobin | ) www.reuters.com time to read: +1 min

Pramod Mittal was declared bankrupt in June 2020 over an approximately $170 million debt owed to Moorgate Industries UK Limited, previously called Stemcor UK Limited. The businessman entered into an individual voluntary arrangement (IVA) with his creditors in October 2020. Curl said loans to four of Mittal’s creditors carried "absolutely extraordinary" rates of compound interest, with interest making up more than 97% of his total debt. However, Judge Nicholas Briggs said in a ruling that "there was a material irregularity at the meeting of creditors convened to consider [Mittal’s] proposal" and revoked the IVA. Mittal’s lawyer, in an emailed statement to Reuters, said: "Mr Mittal is disappointed with the decision and intends to appeal.

☆ 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.

☆ BHP Group, ArcelorMittal trial carbon capture at Europe, US steel plants
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File PhotoLONDON, Oct 27 (Reuters) - BHP Group (BHP.AX) is teaming up with steelmaker ArcelorMittal (MT.LU) and two others to test a new technology to reduce carbon emissions in steel making at two plants in Belgium and North America. By discharging over 3 billion tonnes of carbon dioxide a year, the steel industry accounts for 7-9% of global greenhouse gas (GHG) emissions. BHP's partnerships, for example, also include one with India's Tata Steel (TISC.NS), which uses biomass as a source of energy. "There isn't a silver bullet, there isn't one path or technology for low-carbon emissions in steelmaking," Pant said. "We are covering many different technologies and geographies with these partnerships ... to enable lower GHG emissions steel and support the reduction of carbon intensity in blast furnaces," Pant said.

☆ Sasol, ArcelorMittal to jointly explore green hydrogen, carbon capture projects
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

Oct 18 (Reuters) - South African petrochemicals company Sasol (SOLJ.J) on Tuesday said it was partnering steelmaker ArcelorMittal South Africa (ACLJ.J) to explore carbon capture technology and steel production using green hydrogen. ArcelorMittal South Africa is Africa's biggest steel producer, with a significant carbon footprint. In a statement, Sasol said the two firms would jointly advance a green hydrogen and derivatives study on the Saldanha region's potential as an export hub for green hydrogen and derivatives, as well as green steel production. They will study the use of renewable electricity and green hydrogen to convert captured carbon from ArcelorMittal's Vanderbijlpark steel plant into sustainable fuels and chemicals, it said. "These studies are anchored by the local need for green hydrogen and sustainable products, cementing Sasol as the leading contributor to the development of southern Africa's green hydrogen economy," said Priscillah Mabelane, Executive Vice President for Energy.

☆ The definitive guide to getting started in real-estate investing
▼ + stars: | 2020-07-21 | by ( Business Insider | ) www.businessinsider.com time to read: +4 min

But have you ever considered real-estate investing? If you aren't yet a subscriber to Investing Insider, you can sign up here. Our research culminated in a definitive guide to getting into real-estate investing. Among Mittal's funds is the StocksPlus Long Duration Fund, which consistently beats 99% of peers. — Bill Miller, the founder of Miller Value Partners, whose record-setting fund trounced the market for 15 consecutive years

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