Arcelor plans stainless steel spinoff
July 29, 2010: Steel behemoth ArcelorMittal is planning to study a spinoff of its stainless steel unit to present shareholders. This will allow the business to pursue growth, believes the company, according to a Reuters report.
The spinoff is scheduled to take place at the start of next year, with the Mittal family ensuring a "considerable" stake for itself. Currently, stainless steel makers face overcapacity in Europe and are seriously looking at consolidation in order to slash costs.
Source: Steel Insights Daily
More Headlines (Steel)
- Maithan Alloys to invest Rs 250 cr for Vizag plant
- Jindal Steel gets 3000 acres for Bolivian project
- Desalination plant key to Tata Steel's project
- Ten anchor investors for Tata Steel's Gopalpur SEZ
- Asia iron ore prices up 4%
- Karnataka ban on iron ore exports to hit railways' revenues
- Tata Steel to invest Rs 1000 cr at Gopalpur
- ArcelorMittal in talks with Chinese steel co for mining projects
- Mining revenue collection at Rs 611.31 crore by June-end
- Siemens bags 10 mn euro SAIL order
Disclaimer | Privacy Policy | All rights reserved. © 2006-2010 mjunction Services Limited