Lakshmi Mittal

The company has previously shelved the plan to set up greenfield steel project in Odisha due to delay in land acquisition and allocation of iron mines.

The institute spearheads Harvard's engagement with South Asian countries, including India, Afghanistan, Bangladesh, Bhutan, Maldives, Myanmar, Nepal, Pakistan and Sri Lanka as well as diaspora populations from these countries, the university said in a statement.

Apart from these three, the list includes names like Jeff Bezos, Mark Zuckerberg, Warren Buffett, Bill Gates, Muhammad Yunus, Donald Trump and Masayoshi Son

Arcelor Mittal South Africa (AMSA), born out of Mittal's buyout of state steel manufacturer Iscor more than a decade ago after the steel magnate first rescued it from total collapse, last made a profit seven years ago.

Global steel giant ArcelorMittal has decided to curtail M&A and new investment activities following tough economic and market conditions.

World's largest steelmaker ArcelorMittal may set up a solar farm on land alloted to it for the proposed 6 MT Karnataka project in view of excess global steel capacity and delays in securing raw materials.

However, the Luxembourg-based firm had posted net loss of USD 6,886 million in the year-ago period.

"ArcelorMittal welcomed Singh, SAIL Chairman and Steel Ministry's Joint Secretary Sunil Barthwal to its London offices for discussions regarding the proposed USD 1 billion automotive steel JV between ArcelorMittal and SAIL," it added.

ArcelorMittal SA (AMSA), the South African subsidiary of Lakshmi Mittal's steel empire, will pay 1.5 billion rand (USD 110-million) fine for colluding to fix steel prices, the country's Competition Commission (CC) said as it sent out a firm message about its opposition to cartels.

Mittal had acquired the former state-owned steelmaker Iscor a decade ago as he embarked on his global steel acquisition plans after first coming to the rescue of the ailing company to turn it around.

In May last year, NRI billionaire Lakshmi Mittal-led ArcelorMittal and domestic steel giant SAIL inked a memorandum of understanding to look at the possibility of setting up an automotive steel plant in the country through a JV.

ArcelorMittal today said its net loss narrowed down to USD 416 million (about Rs 2,766 crore) in the quarter ended March 31, but the steel giant reported a rise in debt to USD 17.3 billion during the period.

This facility will be secured by inventory and certain other working capital and related assets of ArcelorMittal USA and certain of its subsidiaries in the US, the firm said in a regulatory filing.

The deal will help the Luxembourg-based steel maker to reduce its debt that stood at USD 15.7 billion for the quarter ended December 2015.

Billionaire Lakshmi Mittal-led firm reported a net loss of USD 7.9 billion in 2015 mostly because of a USD 4.8 billion writedown on iron ore mining business and a USD 1.3 billion charge on inventory due to the global steel price plunge.

The fallout once again became clear on Friday, when the world's largest steel maker ArcelorMittal reported an annual loss of close to USD 8 billion in 2015, forcing the shares of the group down over 6 percent to the bottom of the pan-European STOXX 600, adding to the 60 percent losses seen in the last year.

In July this year, Mittal was reported to have been in urgent talks with the same South African government which sold its steel company Iscor to him a decade ago to come to his rescue amid huge challenges facing the international steel industry.

The firm, controlled by NRI billionaire Lakshmi Mittal, had clocked a net profit of USD 52 million in the year-ago period, it said in a statement.

ArcelorMittal SA, South Africa's biggest steel manufacturer, has been bleeding for some time now due to the global slump in steel demand and cheap imports from China.

The proposed JV will construct a state-of-the-art cold rolling mill and other downstream finishing facilities in India that will offer technologically advanced steel products to IndiaÂ’s rapidly growing automotive sector.