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ArcelorMittal says loses arbitration case against Senegal

The Senegalese government has won an initial ruling in an international arbitration case concerning an iron mining project in the southeast of the country, steel giant ArcelorMittal said Wednesday. "The arbitral tribunal has now issued its first award and decided that Senegal is entitled to terminate the 2007 agreements" but the question of possible damages has yet to be considered, ArcelorMittal said of the ruling by the Paris-based Court of Arbitration of the International Chamber of Commerce.

ArcelorMittal says loses arbitration case against Senegal

The Senegalese government has won an initial ruling in an international arbitration case concerning an iron mining project in the southeast of the country, steel giant ArcelorMittal said Wednesday. "The arbitral tribunal has now issued its first award and decided that Senegal is entitled to terminate the 2007 agreements" but the question of possible damages has yet to be considered, ArcelorMittal said of the ruling by the Paris-based Court of Arbitration of the International Chamber of Commerce.

ArcelorMittal vows no more job cuts till June: EU

ArcelorMittal on Tuesday pledged to suspend closures and job cuts in Europe pending the launch of a pan-Europe plan in June to save the struggling steel industry, the European Commission said Tuesday. EU Industry Commissioner Antonio Tajani quoted a letter from the global steel giant as saying "there will be no more cuts" at its plants in Europe that employ 98,000 people until the launch of the plan. In its own statement, ArcelorMittal confirmed "that no new restructuring plan is envisaged other than what is already announced and being implemented."

ArcelorMIttal vows no more job cuts till June: EU

ArcelorMittal on Tuesday pledged to suspend closures and job cuts in Europe pending the launch of a pan-Europe plan in June to save the struggling steel industry, the European Commission said Tuesday. EU Industry Commissioner Antonio Tajani quoted a letter from the global steel giant as saying "there will be no more cuts" at its plants in Europe that employ 98,000 people until the launch of the plan. The EU executive last week asked ArcelorMittal to suspend the closure of several sites pending the plan but the company had initially declined.

ArcelorMittal vows no more job cuts till June: EU

ArcelorMittal on Tuesday pledged to suspend closures and job cuts in Europe pending the launch of a pan-Europe plan in June to save the struggling steel industry, the EU said Tuesday. EU Industry Commissioner Antonio Tajani quoted a letter just received from the global steel giant as saying "there will be no more cuts" at its plants in Europe that employ 98,000 people until the launch of the plan. The EU executive last week asked ArcelorMittal to suspend the closure of several sites pending the plan but the company initially declined.

URGENT ¥¥¥ ArcelorMittal vows job cuts freeze until June says EU

ArcelorMittal on Tuesday pledged to suspend closures and job cuts in Europe pending the launch of a pan-Europe plan in June to save the industry, the EU's industry commissioner Antonio Tajani said Tuesday. Tajani quoted a letter received an hour earlier from the global steel giant as "there will be no more cuts" in its plants in Europe employing 98,000 people until the launch of the plan. ccr/arp

ArcelorMittal trips on Europe into $3.7 bn loss

The world's top steel producer ArcelorMittal stumbled into the red last year with a net loss of $3.72 billion (2.75 billion euros) largely due to costs related to Europe, but said its shuttering of plants was sufficient to support a rebound this year. ArcelorMittal has had a difficult couple of months, with plant closures in Belgium and France sparking at times violent clashes and the company booking a multi-billion charge to revalue its assets.

ArcelorMittal trips on Europe into $3.7 bn loss

The world's top steel producer ArcelorMittal stumbled into the red last year with a net loss of $3.72 billion (2.75 billion euros) largely due to costs related to Europe, where it struggling to shut plants. Operating profit measured by earnings before interest, tax and other charges (EBITDA) fell by 30 percent to $7.1 billion, close to analyst expectations. "2012 was a very difficult year for the steel industry, particularly in Europe where demand for steel fell a further 8.8 percent," chief executive Lakshmi Mittal said in a statement.

ArcelorMittal posts $3.7 bn loss in 2012

The world's top steel producer ArcelorMittal said Wednesday it had plunged into the red last year with a net loss of $3.72 billion (2.75 billion), largely due to previously announced writedowns and restructuring costs, but that it expected an improvement in 2013. Operating profit measured by earnings before interest, tax and other charges (EBITDA) fell by 30 percent to $7.1 billion, close to analyst expectations.

ANALYSIS-ArcelorMittal turns deaf ear to new debt cut chorus

* Junk ratings with Fitch, Moody's, S&P * Moody's set $5 bln debt reduction target in Aug * Moody's demands more debt cut to avoid further cut * Fitch sees limited upgrade scope for two years By Philip Blenkinsop BRUSSELS, Jan 11 (Reuters) - Having danced to the credit rating agencies' tune to no avail, ArcelorMittal, the world's largest steelmaker, looks likely to ignore the chorus for more debt cuts, reconciled to its "junk" status for now.
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