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’Arcelor eyes $3bn unit spinoff
ArcelorMittal is exploring a joint venture spinoff of its stainless steel business, worth an estimated $3bn, suggesting it is scaling back after expanding over the past decade via acquisitions including the €26.9bn purchase of Arcelor of Luxembourg in 2006. One company with which ArcelorMittal has discussed a possible stainless steel JV is Posco of South Korea.
Snap News
The latest on Tuesday,
- InBev says committed to Anheuser-Busch at $65 a share; will pusure all avenues to give AB shareholders a direct voice – statement
- Russian gold miner Yuzhuralzoloto plans
Mittal joins Goldman board, eyes Rio battle
Steel magnate Lakshmi Mittal is considering entering the takeover battle for Anglo-Australian iron ore producer Rio Tinto, say people familiar with his thinking, reports the FT. It also emerged at the weekend that Mittal,
Price increases raise spectre of inflation
The spectre of inflation returned to haunt the global economy on Tuesday as companies ranging from Dow Chemical to South Korea’s Posco unveiled sharp price rises to combat the soaring cost of energy and raw materials.
Steelmakers agree 65% ore price rise
Asia’s three largest steelmakers led by JFE Holdings agreed to a 65% increase in iron ore prices with Brazilian miner Vale, reports Bloomberg, in what Reuters says is a deal that sets the stage for other Asian steel mills to conclude similar deals.