Edition:
United States

Key Developments: ArcelorMittal SA (ISPA.AS)

ISPA.AS on Amsterdam Stock Exchange

3.84EUR
23 May 2016
Change (% chg)

-- (--)
Prev Close
€3.84
Open
--
Day's High
--
Day's Low
--
Volume
--
Avg. Vol
34,641,109
52-wk High
€8.03
52-wk Low
€2.01

Latest Key Developments (Source: Significant Developments)

ArcelorMittal announces terms of about USD 3 bln rights issue
Friday, 11 Mar 2016 02:33am EST 

ArcelorMittal SA:7 for 10 rights issue of 1,262,351,531 new shares at a subscription price of 2.20 euro per new share.Subscription price represents a 35.3 pct discount to theoretical ex-rights price, based on closing price of ArcelorMittal shares on Euronext Amsterdam on March 10.Mittal family trust entities have committed to exercise their rights for new shares pro rata to their current shareholding of 37.38 pct.Company and Mittal family trust entities have agreed with underwriters to a 180-day lock-up following settlement of offering.  Full Article

ArcelorMittal SA - Workers strike at ArcelorMittal Mexico plant over job cuts - Reuters News
Friday, 4 Mar 2016 10:23pm EST 

ArcelorMittal SA:Workers at ArcelorMittal's steel plant in western Mexico went on strike on Friday, the company and the national union said, as the industry grapples with a plunge in prices.- RTRS.More than 3,000 workers have gone on strike over job cuts and stopped operations at the plant in Lazaro Cardenas, Michoacan, Ricardo Torres, the head of the local section 271 of the national miners and metal workers union, said.In a statement, the company called the action a blockade, adding that it was illegal and that the company's value chain would be affected.A spokesman did not immediately respond to a request for further comment. Steel companies around the world are contending with sharp price falls and thousands of job cuts in Mexico have been announced in the past year.Global producers appear set for another year of pain in 2016, even as prices start to stabilize due to production cuts.  Full Article

ArcelorMittal sells 35 pct stake in Gestamp Automocion
Friday, 5 Feb 2016 01:00am EST 

ArcelorMittal SA:Sells its 35 pct stake in Gestamp Automocion for 875 million euros.‍Transaction is unconditional and payment is expected to be made to Arcelormittal within six months​.‍In addition to cash consideration, Arcelormittal will receive a payment of 10 million euros as a 2015 dividend.  Full Article

ArcelorMittal gives EBITDA guidance for 2016
Friday, 5 Feb 2016 01:00am EST 

ArcelorMittal SA:EBITDA is expected to sequentially decline in Q1 2016‍​.Company expects FY 2016 EBITDA to be in excess of $4.5 billion.  Full Article

ArcelorMittal plans $3 billion capital increase
Friday, 5 Feb 2016 01:00am EST 

ArcelorMittal SA:Planned to raise $3 billion in fresh capital in a bid to reduce debt in the face of weak steel and mining sectors.  Full Article

ArcelorMittal SA idles steel plant in Spain - Reuters
Monday, 25 Jan 2016 05:07am EST 

ArcelorMittal SA:ArcelorMittal has idled its steel plant in Sestao, Spain due to "extremely adverse" market conditions, a company spokesman said on Monday, citing tumbling steel prices and record Chinese imports. - RTRS.The plant, which has a 1.5 million tonne per year capacity, will be idled indefinitely. Arcelormittal is the world's biggest steelmaker, producing some 5-6 percent of the world's steel. - RTRS.  Full Article

ArcelorMittal to convert notes into new ordinary shares
Tuesday, 12 Jan 2016 07:00pm EST 

ArcelorMittal SA:Announced the issue on Jan. 15 of 137,967,116 new ordinary shares.Issue is upon conversion of the 88,182,131 outstanding 6 pct Mandatorily Convertible Subordinated Notes due Jan. 15.  Full Article

ArcelorMittal SA - Giant steelmaker lays off 600 workers in Trinidad and Tobago - EFEING
Tuesday, 8 Dec 2015 01:03pm EST 

ArcelorMittal SA:ArcelorMittal, has temporarily laid off more than 600 employees at its subsidiary in Trinidad and Tobago, the SWUTT steel workers union said Tuesday, calling for government action - EFEING.The decision came Monday "only 15 minutes after" a meeting with company management in Point Lisa, south of Port-of-Spain, SWUTT said in a statement. - EFEING."To date, we, the Recognized Majority Union, have not received any official correspondence on the lay-off of these 600-plus workers," SWUTT said. - EFEING.The laid-off workers, who are scheduled to be recalled to work on Jan. 15, are expected to receive a stipend of roughly $300 each in lieu of the wages they would have been paid. - EFEING.Before resorting to layoffs, management proposed putting the workers on mandatory vacation, an idea rejected by SWUTT "because vacation was the individual entitlement and right of each worker." - EFEING.SWUTT asked Prime Minister Keith Rowley and Labor Minister Jennifer Baptiste-Primus "to intervene in this matter." EFE - EFEING.  Full Article

ArcelorMittal extends conversion date for $1 bln mandatory convertible bond
Monday, 23 Nov 2015 01:00am EST 

ArcelorMittal SA:Extends conversion date for $1 billion mandatory convertible bond.Mandatory conversion date of bond has been extended to Jan. 31, 2018.Other main features of mandatory convertible bond remain unchanged.  Full Article

ArcelorMittal SA Bosnia unit to trim output, may cut workforce - Reuters
Friday, 20 Nov 2015 01:43pm EST 

ArcelorMittal SA:The Bosnian steelmaking unit of ArcelorMittal ISPA.AS is to trim its output by 20 percent over the next two months and might also cut its workforce, due to low steel prices and a tax row involving its iron ore supplier, another unit of the group - RTRS.One of Bosnia's top exporters, the steel maker, based in the central town of Zenica, and its partner, iron ore mine ArcelorMittal Prijedor, employ 3,300 people - RTRS.Jelaca said the company was trying to find a solution with the tax administration and anyway expected the ruling to be overthrown in court. "But the future of our workforce will be at stake if we will be forced to pay this amount," Jelaca said - RTRS.He said the mine might make redundant 800 employees, while Bozic-Srdanovic said 1,700 out of 2,400 employees of ArcelorMittal Zenica may lose their jobs if the company runs short of iron ore - RTRS.  Full Article

Photo

ArcelorMittal slightly more upbeat about steel market

BRUSSELS ArcelorMittal, the world's largest steelmaker, said on Friday it was slightly more positive about the steel market, helped by a modest improvement in prospects for China, though it kept its forecast for 2016 earnings unchanged. | Video