More than 16 billion pounds have been wiped off the fortune of India-born steel magnate Lakshmi Niwas Mittal, making him Britain's biggest loser from the global credit crunch, a newspaper reported Sunday.
Mittal is among 10 super-rich Britons who have lost 23 billion pounds between them, the Sunday Times reported.
Mittal, Britain's wealthiest man and head of the world's largest steel company ArcelorMittal, remains a multi-billionaire, the paper said.
But Mittal's family stake in the company has fallen from 33.24 billion pounds on June 4 to 16.63 billion pounds Friday - equivalent to losing nearly six million pounds an hour, or 137 million pounds a day.
The paper said the losses suffered by other billionaires pale in comparison to Mittal's.
However, another Indian-origin billionaire to have been hit hard is Vedanta head Anil Agarwal, who is 2.7 billion pounds poorer, the paper added.
Showing posts with label ArcelorMittal. Show all posts
Showing posts with label ArcelorMittal. Show all posts
Sunday, October 5, 2008
Saturday, September 6, 2008
ArcelorMittal, RIL in WSJ's respected companies list
PepsiCo, headed by India-born Indra Nooyi, is the ninth most respected company in the world, NRI Lakshmi Mittal led ArcelorMittal is ranked 60th and Reliance Industries, India's largest corporate, makes it at No. 83 in the Wall Street Journal's respectability ranking of the world's 100 largest publicly traded companies.
The top five in the list are Johnson & Johnson, Procter and Gamble, Toyota, Berkshire Hathaway and Apple.
Search engine Google has jumped from 22nd spot last year to the sixth, its rise is matched by the fall for software giant Microsoft, which has slipped from sixth spot to 21st this year.
In its fourth annual survey released online Saturday, the reputed business daily asked money managers the degree to which they respect - or don't - the world' 100 largest companies (as measured by total market value). The mean score was arrived at by assigning point value to each of the four categories - Highly Respect, Respect, Respect Somewhat and Don't Respect.
ArcelorMittal's mean score is 1.90 and Mukesh Ambani led RIL's 1.36, contrasted with the mean score of around 4 for the top five companies in the world.
Listed in France, ArcelorMital had 10 percent money mangers saying Highly Respect, 29 percent Respect, 37 percent Respect Somewhat and 10 percent Don't Respect to it. The steel maker has, however, improved its standing from last year when it was ranked 93.
RIL has much catching up to do - only four percent said Highly Respect, 17 percent Respect, 46 percent Somewhat Respect and 11 percent Don't Respect to the diversified group.
PepsiCo has come up three spots from last year's 12th rank, but is still behind soft drinks rival Coca-Cola which is ranked eightth.
Vodafone, the world's biggest mobile company (by revenue), which was headed by India-born Arun Sarin till June this year, is at 66th spot in the list, an improvement from the 80th rank last year. IANS
The top five in the list are Johnson & Johnson, Procter and Gamble, Toyota, Berkshire Hathaway and Apple.
Search engine Google has jumped from 22nd spot last year to the sixth, its rise is matched by the fall for software giant Microsoft, which has slipped from sixth spot to 21st this year.
In its fourth annual survey released online Saturday, the reputed business daily asked money managers the degree to which they respect - or don't - the world' 100 largest companies (as measured by total market value). The mean score was arrived at by assigning point value to each of the four categories - Highly Respect, Respect, Respect Somewhat and Don't Respect.
ArcelorMittal's mean score is 1.90 and Mukesh Ambani led RIL's 1.36, contrasted with the mean score of around 4 for the top five companies in the world.
Listed in France, ArcelorMital had 10 percent money mangers saying Highly Respect, 29 percent Respect, 37 percent Respect Somewhat and 10 percent Don't Respect to it. The steel maker has, however, improved its standing from last year when it was ranked 93.
RIL has much catching up to do - only four percent said Highly Respect, 17 percent Respect, 46 percent Somewhat Respect and 11 percent Don't Respect to the diversified group.
PepsiCo has come up three spots from last year's 12th rank, but is still behind soft drinks rival Coca-Cola which is ranked eightth.
Vodafone, the world's biggest mobile company (by revenue), which was headed by India-born Arun Sarin till June this year, is at 66th spot in the list, an improvement from the 80th rank last year. IANS
Tuesday, July 1, 2008
ArcelorMittal to buy 60 percent stake in Dubai firm
L.N. Mittal-led ArcelorMittal, the world's largest steel maker, is expanding its presence in the Middle East by acquiring a 60 percent stake in a Dubai-based steel distributor.In a statement issued at its Luxembourg headquarters, ArcelorMittal said it intended to acquire 60 percent of the entire issued share capital of Dubai Steel Trading Co (DSTC) FZCO, a newly incorporated company located in the Dubai's Jebel Ali Free Zone.
"This is an important partnership that will spearhead our distribution network in the Middle East Area," Philippe Darmayan, chief executive of ArcelorMittal steel solutions and services unit, said in the statement.
The steel major said that, through this acquisition, it was widening its offering in the Middle Eastern area.
"DSTC FZCO will acquire the main business of a steel distributor in the United Arab Emirates (UAE), Dubai Steel Trading Company LLC (DSTC LLC)," the statement said.
Founded in 1986, DSTC LLC sells principally to the construction market, which represents more than 50 percent of its activity.
DSTC LLC distributes approximately 120,000 tonnes of products per year. In 2007,its revenues were about 70 million euros.
Its finance manager Chandresh Manair said that the company has its distribution network in the entire Gulf region.
"Our turnover is about 1 million dirhams ($272,000) a day. We are one of the largest structured steel inventory holders in the region," The National daily quoted him as saying.
DSTC operates out of two offices in Dubai and one in Abu Dhabi.
The Gulf Cooperation Council (GCC) countries - comprising Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE - is witnessing a major construction boom in the wake of a huge flush in petrodollars, which is attracting all global steel players to the region.
Sunday, May 11, 2008
ArcelorMittal, Vedanta targeted by global campaigners
After rising to world domination, Indian-owned steel giant ArcelorMittal and mining company Vedanta Resources are being accused of paying scant attention to the environment and the rights of tribals in their areas of operation.
ArcelorMittal, the world's largest steel company that is owned by Indian billionaire Lakshmi Niwas Mittal, is bracing itself for protests by environmental campaigners at its annual meeting to be held in Luxembourg Tuesday.
And Vedanta Resources, the mining giant owned by another London-based Indian billionaire Anil Aggarwal, is being targeted by Survival International, a global group fighting for the rights of tribals that claims the company's activities are threatening the survival of a tribe in a remote corner of Orissa.
Both companies vehemently deny the allegations.
Campaigners from Bankwatch, which monitors the activities of international financial institutions (IFI), are gathering in Luxembourg saying ArcelorMittal has used money from publicly funded institutions such as the European Bank of Reconstruction and Development to boost its profits rather than address the environmental and social impact of its plants.
They are carrying a 40-page dossier claiming ArcelorMittal, which has received more than $500 million in loans from IFIs in the past 10 years, has not invested sufficiently in clean technologies at the state-owned plants it has bought across the world.
One member of the group alleges that pollution from the ArcelorMittal plant in Ostrava, the third largest city in the Czech Republic, is so high that people in the district of Radvanice a Bartovice have to use magnets to clear steel dust from inside their homes.
A spokeswoman for Mittal, however, said the steel giant takes environmental issues very seriously.
“During 2007, we spent approximately $500 million on health and safety and environment-related projects and since 1990 we have successfully reduced the carbon footprint of our steelmaking by over 20 percent,” she said.
She also said the company is drawing up plans to reduce emissions from the Ostrava plant.
Meanwhile, Survival International has launched a global campaign saying plans by Vedanta subsidiary Sterlite to mine bauxite from the Niyamgiri mountains of Orissa would destroy the Dongria Kondh tribe if carried out.
Survival is urging shareholders, including major British companies Coutts Bank, Standard Life, Barclays Bank, Abbey National and HSBC, as well as local authority councils in Middlesbrough and Wolverhampton to sell their stakes in Vedanta unless it abandons its plans.
Survival says Sterlite plans include building a huge open-cast mine which it says would destroy the local forests, part of the mountain and the Dongria Kondh tribals, whose 8,000 members live on the slopes of the Niyamgiri.
A spokesman for Vedanta said: "As one of the largest metals and mining groups in India and with mines in Australia and Zambia, Vedanta is committed to managing its business in a socially responsible manner.
"The management of environmental, employee, health and safety and community issues in respect of our operations is central to the success of our business. Therefore, we vigorously refute these allegations from Survival."
ArcelorMittal, the world's largest steel company that is owned by Indian billionaire Lakshmi Niwas Mittal, is bracing itself for protests by environmental campaigners at its annual meeting to be held in Luxembourg Tuesday.
And Vedanta Resources, the mining giant owned by another London-based Indian billionaire Anil Aggarwal, is being targeted by Survival International, a global group fighting for the rights of tribals that claims the company's activities are threatening the survival of a tribe in a remote corner of Orissa.
Both companies vehemently deny the allegations.
Campaigners from Bankwatch, which monitors the activities of international financial institutions (IFI), are gathering in Luxembourg saying ArcelorMittal has used money from publicly funded institutions such as the European Bank of Reconstruction and Development to boost its profits rather than address the environmental and social impact of its plants.
They are carrying a 40-page dossier claiming ArcelorMittal, which has received more than $500 million in loans from IFIs in the past 10 years, has not invested sufficiently in clean technologies at the state-owned plants it has bought across the world.
One member of the group alleges that pollution from the ArcelorMittal plant in Ostrava, the third largest city in the Czech Republic, is so high that people in the district of Radvanice a Bartovice have to use magnets to clear steel dust from inside their homes.
A spokeswoman for Mittal, however, said the steel giant takes environmental issues very seriously.
“During 2007, we spent approximately $500 million on health and safety and environment-related projects and since 1990 we have successfully reduced the carbon footprint of our steelmaking by over 20 percent,” she said.
She also said the company is drawing up plans to reduce emissions from the Ostrava plant.
Meanwhile, Survival International has launched a global campaign saying plans by Vedanta subsidiary Sterlite to mine bauxite from the Niyamgiri mountains of Orissa would destroy the Dongria Kondh tribe if carried out.
Survival is urging shareholders, including major British companies Coutts Bank, Standard Life, Barclays Bank, Abbey National and HSBC, as well as local authority councils in Middlesbrough and Wolverhampton to sell their stakes in Vedanta unless it abandons its plans.
Survival says Sterlite plans include building a huge open-cast mine which it says would destroy the local forests, part of the mountain and the Dongria Kondh tribals, whose 8,000 members live on the slopes of the Niyamgiri.
A spokesman for Vedanta said: "As one of the largest metals and mining groups in India and with mines in Australia and Zambia, Vedanta is committed to managing its business in a socially responsible manner.
"The management of environmental, employee, health and safety and community issues in respect of our operations is central to the success of our business. Therefore, we vigorously refute these allegations from Survival."
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