Latest news with #LakshmiMittal
Economic Times
6 days ago
- Business
- Economic Times
Arcelor Mittal South Africa stares at closure of long steel biz; awaiting govt's rescue package
Synopsis ArcelorMittal South Africa may close its long steel business. The company faced a significant loss. It awaits government intervention to support the domestic steel industry. If a solution isn't found, ArcelorMittal will sell assets. Proceeds will strengthen the balance sheet. The company cites challenges like rail disruptions and electricity supply issues. Reuters ArcelorMittal South Africa (AMSA), a subsidiary of Lakshmi Mittal's steel empire, said the company is still looking at shutting down its long steel production business as it awaits the implementation of South African government's plan to bail out the country's domestic industry. AMSA announced in January that it is to cease operations at its long steel manufacturing plants in the country, impacting over 3,500 jobs. This prompted some interventions by the Industrial Development Corporation. Despite the intervention, AMSA suffered a R 500 million loss for the six months ended June 2025, the company said in its consolidated financial statements released this week. "ArcelorMittal South Africa continues to face significant challenges with no improvement in market conditions over the previous period. The prolonged negative international steel cycle remains, ensuring that global and domestic steel markets remained under pressure in spite of some price improvement, notably in China during July," it said. The company said the possibility of closing down its long steel plants as announced in November last year still existed to ensure the company's viability. "Enhancing the balance sheet will depend on the outcome of the ongoing IDC transaction. Should a sustainable solution not be reached, the company will proceed with the planned permanent wind-down of the longs business. In that event, ArcelorMittal South Africa will promptly initiate monetisation of assets, including Saldanha Steel, the Tubular Mill, the Vereeniging Bar Mill, ArcelorMittal Rail and Structures, and other non-core properties. Proceeds will be applied to strengthen the balance sheet, to reduce debt, and will be reinvested into the flats business to support improvements in earnings and cash flow in order to preserve core business continuity, the company said. AMSA said India was among the countries implementing strong protection measures for their primary steel industries against unfair trade and policy practices. Others included Brazil, the USA, the EU and now joined by the UK, China, Malaysia, Mexico, Canada, and Australia. Though the South African government has introduced initiatives, AMSA said, there has been limited progress with implementing interventions that adequately address the constraints identified. The company also cited major rail service interruptions because of cable theft, resulting in locomotive failures. It said it has also attempted a collaborative problem-solving approach and offered to assist with security arrangements on key rail routes of interest to the company, and other cost impact and mitigation measures. "On two occasions during the past six months, the risk of uncontrolled blast furnace stops arose due to major rail service interruptions. Additional unplanned road transport had to be deployed, resulting in higher direct, operational, and handling costs of some R 317 million, more than double that of R 127 million in 2024," AMSA said. As South Africa faces regular breaks in electricity supply from parastatal Eskom, AMSA's losses in this period had gone up to R41m from R25m a year ago. AMSA said South Africa could maintain and grow a thriving steel industry if government commitments are translated into real and immediate supportive action. "The top two priorities currently are to ensure that there is a vibrant level of steel demand accessible to South African steel producers; and second, that the high levels of imports are dramatically reduced," it said, adding that approximately 68 per cent or 5,18,000 tonnes of these steel imports could be manufactured locally. "Once these priorities are addressed, the industry will be in a much stronger position to progress with investment to improve localisation levels with the aim of completely replacing imports, while turning attention to the issue of decarbonisation," AMSA stated. The company also lamented that action against illicit trade and corrupt and collusive dealings is not currently being addressed by the authorities. AMSA was born out of the erstwhile state-owned steelmaker Iscor, which Mittal helped turn around before eventually buying it out.
Time of India
6 days ago
- Business
- Time of India
Arcelor Mittal South Africa stares at closure of long steel biz; awaiting govt's rescue package
ArcelorMittal South Africa (AMSA), a subsidiary of Lakshmi Mittal's steel empire, said the company is still looking at shutting down its long steel production business as it awaits the implementation of South African government's plan to bail out the country's domestic industry. AMSA announced in January that it is to cease operations at its long steel manufacturing plants in the country, impacting over 3,500 jobs. This prompted some interventions by the Industrial Development Corporation . Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Despite the intervention, AMSA suffered a R 500 million loss for the six months ended June 2025, the company said in its consolidated financial statements released this week. "ArcelorMittal South Africa continues to face significant challenges with no improvement in market conditions over the previous period. The prolonged negative international steel cycle remains, ensuring that global and domestic steel markets remained under pressure in spite of some price improvement, notably in China during July," it said. The company said the possibility of closing down its long steel plants as announced in November last year still existed to ensure the company's viability. Live Events "Enhancing the balance sheet will depend on the outcome of the ongoing IDC transaction. Should a sustainable solution not be reached, the company will proceed with the planned permanent wind-down of the longs business. In that event, ArcelorMittal South Africa will promptly initiate monetisation of assets, including Saldanha Steel, the Tubular Mill, the Vereeniging Bar Mill, ArcelorMittal Rail and Structures, and other non-core properties. Proceeds will be applied to strengthen the balance sheet, to reduce debt, and will be reinvested into the flats business to support improvements in earnings and cash flow in order to preserve core business continuity, the company said. AMSA said India was among the countries implementing strong protection measures for their primary steel industries against unfair trade and policy practices. Others included Brazil, the USA, the EU and now joined by the UK, China, Malaysia, Mexico, Canada, and Australia. Though the South African government has introduced initiatives, AMSA said, there has been limited progress with implementing interventions that adequately address the constraints identified. The company also cited major rail service interruptions because of cable theft, resulting in locomotive failures. It said it has also attempted a collaborative problem-solving approach and offered to assist with security arrangements on key rail routes of interest to the company, and other cost impact and mitigation measures. "On two occasions during the past six months, the risk of uncontrolled blast furnace stops arose due to major rail service interruptions. Additional unplanned road transport had to be deployed, resulting in higher direct, operational, and handling costs of some R 317 million, more than double that of R 127 million in 2024," AMSA said. As South Africa faces regular breaks in electricity supply from parastatal Eskom, AMSA's losses in this period had gone up to R41m from R25m a year ago. AMSA said South Africa could maintain and grow a thriving steel industry if government commitments are translated into real and immediate supportive action. "The top two priorities currently are to ensure that there is a vibrant level of steel demand accessible to South African steel producers; and second, that the high levels of imports are dramatically reduced," it said, adding that approximately 68 per cent or 5,18,000 tonnes of these steel imports could be manufactured locally. "Once these priorities are addressed, the industry will be in a much stronger position to progress with investment to improve localisation levels with the aim of completely replacing imports, while turning attention to the issue of decarbonisation," AMSA stated. The company also lamented that action against illicit trade and corrupt and collusive dealings is not currently being addressed by the authorities. AMSA was born out of the erstwhile state-owned steelmaker Iscor, which Mittal helped turn around before eventually buying it out.
India.com
29-07-2025
- Business
- India.com
India's most expensive yacht is owned by THIS billionaire, not Mukesh Ambani, Gautam Adani, it costs Rs..., owner is...
India's most expensive yacht is owned by THIS billionaire, not Mukesh Ambani, Gautam Adani, it costs Rs..., owner is... Billionaires around the world are known for their unique and expensive hobbies. Some buy luxurious homes, some prefer private jets, and others invest in fancy yachts. In India too, a few billionaires own yachts like Mukesh Ambani and Gautam Singhania. But do you know who owns the most expensive yacht in India? It's not Ambani or Singhania, but it is Lakshmi Mittal. How rich is Lakshmi Mittal? Lakshmi Mittal is the Chairman of ArcelorMittal, the world's largest steel and mining company based on production. The company earns around USD 68 billion in revenue, and Mittal's personal net worth is about USD 19.2 billion, which is nearly Rs. 1.66 lakh crore. What's special about Lakshmi Mittal's Yacht? Mittal owns a luxury yacht named Amevi. According to media reports, it was designed in 2007 by the famous interior designer Alberto Pinto. The yacht was built by Nuvolari Lenard, a well-known yacht design studio in Italy. The yacht is worth around USD 125 million, which is approximately Rs. 1,080 crore in Indian currency. Why is Amevi so expensive? The yacht is designed by the acclaimed interior designer Alberto Pinto in 2007 and built by the prestigious Italian yacht design studio Nuvolari Lenard. The Amevi yacht is 262 feet long and packed with top-class luxury features, which is why it comes with such a high price tag. Here's what makes it stand out: A heated swimming pool A grand sky lounge with stunning views A private cinema hall A massage room for relaxation A pool table area Even a helipad, where a helicopter can land How many people can travel in Ameri Yacht? This superyacht can host around 16 guests in 8 VIP suites, and it also has space for 22 crew members in 10 cabins. The Amevi is powered by twin diesel MTU 16V 595 TE70 engines, which are 16-cylinder engines. It can cruise at a speed of 14 knots (about 26 km/h), making it not just luxurious, but also powerful.
India.com
07-07-2025
- Business
- India.com
Meet daughter of Indian billionaire Lakshmi Mittal known as 'Steel King', her name is..., she works as...
New Delhi: Many Indian billionaires run their business empires with the help of their family members. They have engaged their children in companies to expand their business. Vanisha Mittal Bhatia is one such child. She is the daughter of billionaire Indian industrialist Lakshmi Mittal, famous as the Steel King. His company Arcelor Mittal is the world's largest steel and mining company in terms of production. Lakshmi Mittal is the executive chairman of Arcelor Mittal. The company is headquartered in Luxembourg and has a revenue of about $ 68 billion. Where does she work? Vanisha works as a non-independent director in Arcelor Mittal. Her brother Aditya Mittal also works in the company. He is the CEO and director in Arcelor Mittal. Vanisha has also been working in Aperam since 2011. There she is the Chief Strategy Officer. She has a BSc degree from European Business School. Who is she married to? Forty-four-year-old Vanisha is married to Amit Bhatia who is a businessman of British-Indian origin. The couple got married in 2004. Lakshmi Mittal spent about 55 million dollars on this wedding. In June 2004, Vanisha was selected to join the board of directors at LNM Holdings. In December 2004, Vanisha was appointed to the board of Mittal Steel. At that time, she worked in the procurement department and led various initiatives including the 'Total Cost of Ownership Program'. Where are Lakshmi Mittal's roots connected? Lakshmi Mittal is an Indian-origin industrialist living in London. He is also known as the 'Steel King'. He was born on 15 June 1950 in Shadulpur in Churu district of Rajasthan. He is one of the richest Indians in the world. He studied at Shri Daulatram Nopany Vidyalaya, Kolkata from 1957 to 1964. He graduated from St. Xavier's College, affiliated to the University of Calcutta, with a B. Com degree in the first class. He also obtained a master's degree in business administration from the University of California, Berkeley.
Arabian Post
05-07-2025
- Business
- Arabian Post
Wealth Flight Intensifies: UK to Lose 16,500 Millionaires
A record net outflow of 16,500 high-net-worth individuals is set to leave the UK in 2025, marking the largest wealth exodus recorded globally. This trend, stemming from major shifts in tax policy and visa regulations, signals a turning point in the UK's appeal to the global rich. High earners are relocating in large numbers in response to the scrapping of the non-domicile status in favour of a residency-based taxation regime. Those who have lived in the UK for more than four years now face UK income tax, capital gains tax and a punitive 40% inheritance tax on their worldwide assets. Earlier measures, including the termination of the Tier 1 Investor Visa in February 2022, compounded the impact. Tax advisers report that up to 29% of very high-net-worth individuals are now considering changing their tax domicile. The estimated £66 billion of investable assets expected to leave this year underscores the financial scale involved. ADVERTISEMENT Popular destinations include the UAE, which is projected to attract a net 9,800 millionaires, followed by the US, Italy, Switzerland, and Portugal and Greece. The contrast highlights a shift in global wealth flows, with low-tax jurisdictions offering stability and investment-friendly environments. The departure is not limited to soured perception. Over the past year, more than 4,400 UK-based company directors—mainly in finance, insurance and property—have relinquished their UK roles, with April seeing a 75% rise on the previous year. Prominent figures such as steel magnate Lakshmi Mittal, investor Max Gottschalk, promoter Eddie Hearn and heiress Anne Beaufour are among those affected. Chancellor Rachel Reeves is reported to be reassessing aspects of the inheritance tax on global assets to slow the outflow. The Treasury has expressed intent to ensure international competitiveness while funding public services. Analysts warn that the loss of wealthy taxpayers will not just drain capital; it will affect consumer spending, philanthropy, innovation and jobs. FXGuard co‑founder Trevor Williams notes the UK is the only G10 country facing negative millionaire growth since 2014. Financial firms highlight that each non-dom contributes an estimated £400,000 annually to the economy. Survey data from Oxford Economics indicates up to 60% of non‑dom clients may depart within two years. The Office for Budget Responsibility projects a 12–25% exit rate, though some government estimates suggest a lower 1,000 non‑domils may leave. Globally, this shift appears part of a broader migration pattern. Europe's wealthy are bypassing traditional hubs—France, Spain, Germany—while countries like Italy, Portugal, Switzerland and Greece attract them. Asia and the Middle East, including Saudi Arabia, Thailand, and Singapore, along with Caribbean nations and African beach havens, are emerging as wealth magnets. The phenomenon dubbed 'Wexit' marks a strategic reassessment of where opportunity resides. UK wealth managers and executives argue that while tax reform is vital, excessive burden risks eroding the UK's status as a destination for global capital. Industry watchers caution that unless the UK recalibrates its tax policy balance—particularly inheritance and global asset taxation—it may struggle to compete with jurisdictions that treat capital as a partner rather than prey.
