ArcelorMittal SA, the world's largest steelmaker, is set to build it’s first-ever desalination unit in Brazil. The unit will be set up to handle unforeseen water needs at its plant in the eastern state of Espirito Santo, senior company executives said. The unit is aimed at lessening the company's dependence on state water utility company Cesan and avoiding production cuts at times of water crises as the state suffered in 2015 and 2016.
Lenders to EPC Constructions, formerly known as Essar Projects, are set to meet today to review the revised bids submitted by ArcelorMittal and Royale Partners in the second round of bidding, multiple sources told CNBC-TV18. Banks rejected the sole bid from ArcelorMittal, the world’s largest steel maker, in the first round since the bid was too low with a recovery rate of less than 10%. EPC Constructions has a debt of over Rs 7,200 crore to the IDBI Bank led consortium. Even if the lenders accept either of the revised offers, it will entail a haircut of more than 85%.
India's Tata Steel on Tuesday said the company’s third quarter financial results will be adversely impacted due to lower production in its European units. Production from its European plants fell 12.7% to 2.33 million tonnes for the third quarter ended December 31 due to shutdowns and operational issues, the company said. The company is currently awaiting approval from the European Commission (EC) to merge its steel unit in Europe with Germany’s Thyssenkrupp, a deal which would create Europe's second-largest steelmaker after ArcelorMittal.
Minister of State for Finance Shiv Pratap Shukla said that the income tax department seized assets worth Rs 992.52 crore while 582 search and seizure operations were conducted during 2017-18. The values of assets seized during 2016-17 was Rs 1,469.62 crore while the total number of search and seizure operations stood at 1,152. Shukla said the direct tax-GDP ratio improved to 5.98% in 2017-18, from 5.57% in 2016-17.