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ArcelorMittal reports higher Q2 results, to start $2.2 billion share buyback program

The Luxembourg-based company said second-quarter core profit (EBITDA), the figure most watched by the market, was $5.1 billion, almost seven times higher than the year-ago figure of $0.7 bln and far higher than the average forecast in a company poll of $4.67 billion.

July 29, 2021 / 11:40 AM IST
Essar Steel case: The Supreme Court cleared ArcelorMittal's takeover of Essar Steel. The judgement is key because it is likely to help facilitate the biggest takeover of bad debts in Indian corporate history. It also ruled that the Committee of Creditors will have the final say in the resolution plans under the Insolvency and Bankruptcy Code (IBC) and that the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) cannot interfere with CoC’s commercial decisions.

Essar Steel case: The Supreme Court cleared ArcelorMittal's takeover of Essar Steel. The judgement is key because it is likely to help facilitate the biggest takeover of bad debts in Indian corporate history. It also ruled that the Committee of Creditors will have the final say in the resolution plans under the Insolvency and Bankruptcy Code (IBC) and that the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) cannot interfere with CoC’s commercial decisions.

ArcelorMittal, the world's largest steelmaker, reported on Thursday higher than expected second quarter earnings and said it would start a new $2.2 bln share buy-back program.

The Luxembourg-based company said second-quarter core profit (EBITDA), the figure most watched by the market, was $5.1 billion, almost seven times higher than the year-ago figure of $0.7 bln and far higher than the average forecast in a company poll of $4.67 billion.
Reuters
first published: Jul 29, 2021 11:42 am
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