Arcelor Mittal

ArcelorMittal Temirtau has been fined for violations at fuel, oil and lubricants sale

The Court stated that ArcelorMittal Temirtau JSC should pay over 1.5 mln tenge with the collection of illegally made profit for over 60 mln tenge for the violation of legislation at the sale of fuel, oil and lubricants, the press service of the Karaganda regional Court reported.
The Administrative Court of Temirtau has considered the materials concerning ArcelorMittal Temirtau submitted by the Agency of State Income of Temirtau.
At the hearing it was stated that on the basis of the agreement for the supply of goods ArcelorMittal Temirtau sold petrol and diesel fuel for the total amount of 67.9 mln tenge to  “Okzhetpes” LLP. The fact of sale was confirmed by the pro-forma invoices. At the sale of oil products ArcelorMittal Temirtau didn’t issue the respective way bills.

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ArcelorMittal Krivoi Rog reduced steel making by 32%

​In July 2015 the production of cast iron and steel at ArcelorMittal Krivoi Rog fell by a third.
In July 2015 ArcelorMittal Krivoi Rog produced 383.1 thousand tons of steel, by 32% less than in July 2014. Cast iron output also fell by 32% from 507.8 thousand tons in July 2014 to 343.6 thousand tons in July 2015. The output of finished tolled products fell by 28% and made up 338.5 thousand tons.
Cast iron and steel making fell as a result of the shutdown for capital repair of the largest blast furnace. CEO of ArcelorMittal Krivoi Rog, P. Kalon, said that the reduction of production resulted in the decrease of stock reserves.
The repair of the blast furnace #9 successfully ended on July 31st. A 7-day repair of the blooming-2 shop of ArcelorMittal Krivoi Rog was completed.

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ArcelorMittal worsens its forecast on the volumes of steel consumption

ArcelorMittal, the largest steel producer in the world, reconsiders its forecast on the volumes of visible steel consumption for 2015 in the negative direction. The reason is the worsening of the results of the USA, China, Brazil, Russia and neighbouring countries. Now the company thinks that the world steel market will stay at the previous level and will not rise by 0.5-1.5% as was previously expected.

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In Q2, ArcelorMittal increased its net profit

Today, the largest steel company in the world ArcelorMittal announced its financial results in the second quarter and first six months of 2015. According to the company, in the second quarter, its net profit under IAS made up $179 million as compared with the net loss in the amount of $728 million in the previous quarter. EBITDA amounted to $1.4 billion, which corresponds to the first quarter of 2015, but by 20.6% less than in the second quarter of 2014.
In the second quarter, ArcelorMittal increased sales volumes of steel production to 22.2 million tons, which is by 2.2% more than in the first quarter and by 3.4% more than in the same period of the previous year.

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ArcelorMittal Temirtau intends to cut salaries by 25% from August 1st

ArcelorMittal Temirtau has announces its plans to cut salaries to all employees by 25% from August 1st.
"Due to the unprecedented market conditions, in which ArcelorMittal Temirtau has to work today, the company has informed the Government of Kazakhstan, the trade unions and their employees about its intention to reduce wages to all employees by approximately 25% from August 1st," – the company’s message says.
The company immediately begins negotiations with the trade unions leaders.
"The management of the company personally met with members of the Kazakh Government to explain the reasons for pay cut" – the message says.
As general director of ArcelorMittal Temirtau, Vijay Mahadevan stated, the company's management held meetings with employees, during which the need for such an extreme measure was explained to them.
"First of all, the reduction of costs is an extremely necessary measure if the company wants to have a stable future. Secondly, we believe that this sacrifice is preferable than the cut of a large number of job," – the message cites words of the company’s CEO.
According to him, several external factors affect the activity in the production of metals and coal and ore mining, resulting in significant losses, incurred by the company.

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L. Mittal doesn’t plan to sell assets in the Ukraine

Arcelor Mittal has denied the information on the sale of its assets in Kazakhstan, the Ukraine and South Africa.  
“The conditions of working in these regions are very difficult due to the combination of low economic activity and fall of demand for steel, that in its turn is complicated by a high level of import from China and other countries. The devaluation of the rouble also influences on the competitiveness of Kazakhstan. Due to these factors, Arcelor Mittal now focuses on the implementation of measures directed for the improvement of operational activity of its enterprises”, is reported.
Previously L. Mittal was reported to be likely to sell his assets in Kazakhstan, the Ukraine and South Africa.  

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ArcelorMittal actively opposes switch of global automotive industry to aluminum sheet

As the Bloomberg reports, after last year Ford Motor Co. for It announced that it would use aluminum instead of steel in the manufacture of machinery, leading steel producers were taken by surprise.
Currently, ArcelorMittal made a bilateral response to prevent the desertion of other customers, including General Motors Co., Fiat Chrysler Automobiles NV and Japanese motor companies.

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ArcelorMittal Temirtau offers non-monetary payment to its contractors

​ ArcelorMittal Temirtau JSC owes 563 mln tenge to its contractors (over $3 mln) and suggests paying by debt relief before the communal enterprise “Okzhetpes”.
“Some contractors haven’t been paid for the executed works in February. It means taxes and salaries haven’t been paid”, the head of the trade union, N. Popova, says.
Today there are 20 such enterprises in the trade union and about 1.5 thousand employees, she said.
The employees of contractors are about to start a strike.
ArcelorMittal Temirtau said that the situation with the sale of metal products stays very complicated after the devaluation of the Russian rouble. The company will go on buying goods, works and services for about $2 bln. Over 70% of these funds will stay in Kazakhstan.

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The Ukraine’s mining and metallurgical enterprises are about to be shut down

In the near future some enterprise of the mining and metallurgical sector of the Ukraine might be shut down due to the absence of working capital.
The head of the Federation of Metallurgists of the Ukraine, S. Belenkiy, said that the Government owes over 6 bln grivna of non-returned value added tax to metallurgical plants.
“If this issue is not settled in the positive direction in the near future, some enterprises might be shut down”, he said.
The Government owes over 1 bln grivna of non-returned VAT to the mining companies of the Ukraine.

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Nazarbaev and Mittal have discussed the role of ArcelorMittal in the economy of Kazakhstan

​The company’s participation in the development of the country’s economy and perspectives of its activity taking into account current state programs of Kazakhstan were discussed at the meeting of the President, N. Nazarbaev, with the CEO of Arcelor Mittal, L. Mittal.
The operation of Arcelor Mittal in Temirtau was approved and the necessity of its stable functioning in the world economy emphasized. ArcelorMittal Steel Temirtau OJSC is a large mining and metallurgical company in Kazakhstan. The production capacity of the plant is 4 mln tons of steel a year. The company also works at 8 coal mines in the Karaganda region and 4 iron ore enterprises in the Central and Northern parts of Kazakhstan.

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