High steel prices boost Arcelor
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Arcelor, the world&#39;s largest steel maker, said third-quarter core earnings more than doubled on the back of high steel prices and merger benefits, topping forecasts, with earnings set to receive a further boost from the
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ArcelorMittal , the world&#39;s  largest steelmaker, said on Thursday it had received clearance  from U.S. competition authorities to sell its Sparrows Point  plant for an enterprise value of $1.35 billion.
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India's wholesale price inflation surged to a new 3-1/2-year high of 7.96 percent in the week ended August 7 due to higher energy and manufactured product prices, prompting the government to slash duties on steel.
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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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U.S. consumers are facing higher prices for appliances with retailers raising prices this month to offset rising raw material costs.
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Mittal Steel , seeking to win back  eroding investor support for its bid for Arcelor ,  raised its offer by a third and dropped a key demand for family  control over the combined global steel giant.
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Arcelor Mittal , the world's largest steelmaker, will expand its leading position in Mexico with the purchase of integrated steel producer Sicartsa from Grupo Villacero for $1.439 billion.
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Courts in the Netherlands and France refused to grant injunctions seeking to block the Mittal Steel Companyâs proposed $41 billion acquisition of a rival steel maker, Arcelor. Legal actions in Rotterdam, the Netherlands, by three hedge funds and in Paris by an activist shareholder were rejected by judges, removing obstacles to the creation of what would be the worldâs largest steel maker, measured by sales. The steel companies already call themselves ArcelorMittal.
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US steelmakers&#39; shares rose sharply yesterday, with US Steel, Allegheny Technologies and Nucor (which operates a mill in Seattle) reaching their highest prices in at least seven years, after Nissan said the metal is in short supply in Japan.
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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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Arcelor and Mittal Steel, which have agreed on a deal to form the worldâs largest steel maker, said their combined earnings fell 3.5 percent, to $7.97 billion, in 2006 because of higher raw material costs. The companies also said they had $4.5 billion to $5 billion available for acquisitions this year, and confirmed that they were examining the financial records of an Indian steel maker, Sesa Goa. Reporting as if the companies were already fully combined, Arcelor Mittal said it earned $7.97 billion in 2006, down from $8.26 billion a year earlier. Revenue rose 10 percent, to $88.57 billion, in the year.
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NEW YORK (CBS.MW) - UK billionaire Lakshmi Mittal created the world&#39;s largest steel maker on Monday, buying out Wilbur Ross&#39; International Steel Group and merging it with his Ispat International and LNM Holdings groups in a deal worth almost $18 billion.
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Anglo-Dutch steelmaker Corus has reported a profit for the first time since it was formed in 1999. Surging steel prices have helped the company lift earnings, and it has cut jobs and sold a number of businesses.
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Steel giant Arcelor SA posted better-than-expected third quarter profits of euro629 million ($815 million) Monday, a six-fold jump over a year ago, but warned the boom may lose steam in 2005.
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Mittal Steel unveils a 7% rise in second quarter profits, while those of newly acquired rival Arcelor dip 35%.
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The head of new global steel giant Arcelor Mittal will be Roland Junck, a senior Arcelor director who was named as chief executive by the group.
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LONDON (CBS.MW) -- European markets saw a moderate advance in early trade Monday, carrying over some of the late-session rally on Wall Street and helped by steel group Arcelor&#39;s view of Chinese demand.