Its steel production was down 29 percent in the second quarter.
The chair is currently held by Professor Adrian Hill, who is the principal investigator for the Oxford trial to develop the vaccine
Mittal also said that of these two mines, one mine the company has already got through auction, which was organised in a very transparent manner.
Global steel giant ArcelorMittal on Thursday reported a net loss of USD 1.1 billion for the first quarter ended March 31, 2020 amid the coronavirus crisis
The order came as steelmaker ArcelorMittal looked to enforce a $1.5 billion arbitral award stemming from a soured supply agreement.
The 10-year-term loan would be used to refinance their acquisition of Essar Steel India, now known as ArcelorMittal Nippon Steel India Ltd.
The Luxembourg-headquartered company is the world's largest steel producer with steel-making operations in 18 countries on four continents, including 46 integrated and mini-mill steel-making facilities.
The company reported a "net loss attributable to equity holders of the parent" of USD 1.9 billion in the fourth quarter.
Market conditions remained challenging, but there were early signs of improvement, particularly in ArcelorMittal's core markets of the United States, Europe and Brazil, Chief Executive Lakshmi Mittal said.
A major focus area for the two partners would be research and development. ArcelorMittal invests $300 million a year into R&D, and its partner has put in about $2 billion in last three years in research and innovation.
The company, whose net debt stood at $10.7 billion at the end of September, said on Monday the sale of the stake in Global Chartering Ltd (GCL) to DryLog Ltd would cut its debt by $530 million. It has a target to pull it below $7 billion.
ECIL's Committee of Creditors (CoC) had rejected ArcelorMittal India's bid and had voted in favour - with a majority of 73.14 per cent - of the resolution plan by Mauritius-based Royale Partners Investment Fund Ltd.
According to a release, the company has also established a joint venture with Nippon Steel called ArcelorMittal Nippon Steel India (AM/NS India), which will own and operate Essar Steel.
As per a source privy to the development, ArcelorMittal has arranged the entire fund and is likely to transfer the amount by December 16.
ArcelorMittal pointed out the gap, which allowed for multiple bids from associate companies. Now new timeline starts from December 6.
SAIL chairman A K Chaudhary said this while replying to a question related to the progress in talks with ArcelorMittal for setting up a joint venture (JV).
ArcelorMittal has blamed its threatened exit on the Italian government's move to scrap a guarantee of legal immunity from prosecution over environmental risks while it carried out the clean-up at Ilva's heavily polluted site.
More the number of players, more the research & development (R&D) activities, innovations, quality in the market, he added reacting to a question how will the ArcelorMittal's entry benefit the consumers.
ArcelorMittal India Private Limited's (AMIPL) resolution plan for Essar Steel India Limited (‘ESIL') has been unconditionally approved by the Supreme Court of India and the approval of AMIPL's resolution plan is the final procedural step in ESIL's corporate insolvency process, the company said in a statement.
The NCLAT’s order had upset the premier position of financial creditors in the resolution process. The SC has restored their position
After withdrawing from the contract, the world's biggest steel maker is drafting a proposal for Italy's government in which it will demand the reintroduction of legal immunity, the possibility to revise its industrial plan and the layoff of 5,000 workers.
Essar Steel is a feather in ArcelorMittal’s cap but it has its task cut out and its balance sheet will feel the strain of the acquisition
The Taranto plant in the south of Italy is mired in controversy because experts believe that some 7,500 people have died in the surrounding area as a result of diseases linked to toxic emissions
The Indian steel market, despite its recent sluggishness, is among the fastest growing in the world. India, which overtook Japan last year as the world's second largest steel producer, now produces 106 million tonnes of steel, second only to China's 928 million tonnes.
The world's biggest steelmaker on Monday retreated from its plan to buy the steel producer, blaming a decision by Rome to not grant it immunity from prosecution over the heavily polluting Taranto plant.