ArcelorMittal to cut 3Q output in Europe
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The world's largest steelmaker, ArcelorMittal, will slightly cut European production in the third quarter and keep prices steady to help contain a market bloated with Chinese imports, the company said Friday.
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Mittal Steel  , which is  taking over rival steelmaker Arcelor , said on Tuesday  it might not have to buy out minority shareholdings in  Arcelor&#039;s two Brazilian subsidiaries, Acesita S.A. and Arcelor  Brasil S.A., as previously expected.
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Mittal Steel, the world's biggest steel producer, announced that it controls 91.88 percent of European steel maker Arcelor following its 25-billion-euro takeover bid.
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Steel maker ArcelorMittal  aims to lift its self-sufficiency in iron ore to 90 percent by 2018 from 47 percent today and also wants to secure other commodities, an executive told French newspaper Les Echos.
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Spanish Bank Santander Central Hispano intends to cut about 3,000 jobs at Britain&#39;s Abbey National if its proposed acquisition of the British bank is completed.
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Tower Automotive Inc., a maker of car components, on Tuesday said it expects a greater third-quarter loss because of lower vehicle production and higher steel prices during the period.
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Royal Philips Electronics NV, Europe&#39;s third-largest maker of semiconductors, reduced its third- quarter chip sales forecast as demand wanes, joining companies including Texas Instruments Inc.
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BERN, Switzerland - Telecommunications company Swisscom AG reported Wednesday that third-quarter net income fell 10 percent and said it would cut about 390 jobs, or 2.5 percent of its fulltime work force, next year.
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NEW YORK/FRANKFURT  - ArcelorMittal   has ended a $1.35 billion deal to sell its Sparrows Point steel plant to E2 Acquisition Corp because E2 had been unable to secure financing, the world's largest steelmaker said on Monday.
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Santander Central Hispano said Monday it expects to cut about 3,000 jobs at Abbey National as part of a cost-saving plan if its friendly takeover bid succeeds.
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Technology and mining groups led  European shares lower on Wednesday, the former soured after  U.S. chip group Texas Instruments trimmed its outlook, while  the latter was scuppered by a drop in copper prices.
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The ribbon is cut Tuesday on the Barcelona-based company Capresas new steel manufacturing plant that is anticipated to bring 30 jobs in the next three years.
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European steel maker Arcelor   has agreed to a 100 percent takeover bid made by  world sector leader Mittal Steel , creating a global  steel giant that will dwarf its rivals, its chairman said on  Sunday.
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AMSTERDAM Philips Electronics, Europe&#39;s third-largest maker of semiconductors, on Friday reduced its third-quarter chip sales forecast, saying demand is waning.
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European steelmaker Arcelor said it would buy Russian company Severstal in a 12-billion-euro (15.3-billion-dollar) deal that according to analysts could thwart a hostile raid by Mittal Steel.
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Telecommunications company Swisscom AG reported Wednesday that third-quarter net income fell 10 percent and said it would cut about 390 jobs, or 2.5 percent of its fulltime work force, next year.
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Manufacturing output has unexpectedly fallen for the third month in a row in August and at the sharpest pace in nearly two years, official data show.