Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The National Companly Law Appellate Tribunal has allowed ArcelorMittal's bid for bankrupt Essar Steel.</li><li>The order also sets precedents on how the sale proceeds shall be distributed and limits the discretion available to the committee of creditors.</li><li>Lakshmi Mittal has been fighting to take over Essar Steel for over two years now.</li></ul> Global giant Arcelor Mittal had made a bid for a bankrupt Indian company Essar Steel. Simultaneously, the order also sets precedents on how the sale proceeds shall be distributed and has redefined the status of different kinds of companies that a bankrupt company owes money to. The order has said put financial creditors, like banks that lend money, at par with operational creditors (suppliers awaiting payment). In the case of Essar Steel, the operational creditors include energy companies Indial Oil, ONGC, NTPC, BPCL, and GAIL. Both the banks and the suppliers will get 60% of the dues from the about ₹42,000 crore offered by ArcelorMittal. However, the committee of creditors that will approve the resolution plan for a bankrupt company does not include the suppliers. The <a href="https://www.forbes.com/profile/lakshmi-mittal/#284bbf8b191e" data-type="tilCustomLink" target="_blank">$12 billion Lakshmi Mittal</a>, chairman of ArcelorMittal, has been fighting to take over Essar Steel for over two years now. The former promoter of the bankrupt company has not given up yet despite his bid to settle the case and regain control has been ruled out. "t appears that new facts regarding ineligibility under Section 29A, which emerged only after the previous judgement of the Supreme Court, have not been given due consideration," an <a href="https://www.livemint.com/companies/news/appellate-tribunal-rejects-ruias-plea-in-essar-steel-case-1562236908498.html" data-type="tilCustomLink" target="_blank">Essar Steel spokesperson told the Mint</a>. SEE ALSO: <a href="https://www.businessinsider.in/indian-banks-are-recovering-over-1-5-times-as-much-money-under-the-ibc-but-its-still-painfully-slow/articleshow/69323112.cms" data-type="tilCustomLink" target="_blank">Indian banks are recovering over 1.5 times as much money under the bankruptcy code — but it's still painfully slow</a>

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

The bankruptcy of Essar Steel had put India’s nascent bankruptcy laws to test and the final word on that is out. In its latest verdict, the Supreme Court of India has said that banks can decide how to distribute the $6 billion from the sale of the company to <keyword id="47654" type="CITY" weightage="20" keywordseo="ArcelorMittal">ArcelorMittal</keyword>, a multinational steel giant owned by billionaire steel tycoon Lakshmi Mittal. This verdict from the Supreme Court also said that the bankruptcy courts are free to relax the 330-day deadline set by the law to resolve insolvency cases. In an interview before the latest judgement from the Supreme Court, MS Sahoo, the Chairman of the Insolvency and Bankruptcy Board of India, told Business Insider that India’s laws indeed have a tight deadline. “The focus is that the process should be completed in a time bound manner, and please note that no where in the world is there this kind of timeline,” Sahoo said in an exclusive interview. The entire transcript of the interview <a href="https://www.businessinsider.in/policy/economy/news/exclusive-interview-with-ms-sahoo-the-insolvency-and-bankruptcy-board-chairman/articleshow/72069548.cms" data-type="tilCustomLink" target="_blank">here</a>. You can watch the entire interview here: 
 <div type="Video" msid="72073026" hostid="261" title="“Nowhere in the world do bankruptcy cases have a 330-day deadline,” says bankruptcy board chief MS Sahoo" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=72073026"></div>

Nowhere in the world do bankruptcy cases have a 330-day deadline, says bankruptcy board chief MS Sahoo

<ul><li>Steel tycoon Lakshmi Mittal wins his $6 billion bid for bankrupt Essar Steel owned by the Ruia family earlier.</li><li>The latest Supreme Court verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed.</li><li>The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said.</li></ul><ul><li>The Supreme Court has also allowed the bankruptcy Court to extend the 330-day deadline to resolve insolvency cases.</li></ul>Billionaire steel tycoon Lakshmi Mittal's $6 billion bid for the bankrupt Essar Steel — owned by the Ruia family earlier — has won. At the same time, the latest Supreme Court (SC) verdict has set a precedent on how the sale proceeds of a bankrupt company should be distributed. The ultimate discretion on distribution of funds was with the Committee of creditors, the SC order on November 15 said. The case had landed up at the Supreme Court because the appellate tribunal of the bankruptcy court had held that the funds from the sale of a bankrupt company should be equally distributed between both financial creditors i.e. banks and operational creditors (suppliers, vendors etc.) who are owed money by the insolvent company. The Supreme Court has set aside that order and given banks the power to decide how to distribute the money. It also added that the banks should also balance the interests of all stakeholders. This order has led to a rally in state-owned banking stocks due to two reasons. Firstly, those who have lent money to Essar Steel will get to recover a larger share from the money received from Lakshmi Mittal's ArcelorMittal. Secondly, this order sets a precedent for other bankruptcy cases. Essar Steel owes about ₹49,000 crore to a dozen banks including the State Bank of India (SBI), whose share price surged over 5% after the order. SEE ALSO: <a href="https://www.businessinsider.in/a-slowing-indian-economy-is-clouding-over-arcelormittals-6-billion-bid-for-essar-steel/articleshow/71004519.cms" data-type="tilCustomLink" target="_blank">A slowing Indian economy is clouding over ArcelorMittal's $6 billion bid for Essar Steel</a>

Lakshmi Mittal can begin taking over Essar Steel as India's Supreme Court ends the debate on how to distribute the money

The Hinduja brothers have topped the 2017 list of the richest people in the UK with a wealth of 16.2 billion pounds, a massive 3. 2 billion pound hike in their fortunes over the previous year, according to PTI news report. 'The <keyword id="642222" type="UNKNOWN" weightage="20" keywordseo="Sunday-Times-Rich-List">Sunday Times Rich List</keyword>' says that Brexit does not seem to have affected the country's billionaires, who grew in numbers with a 14 per cent rise in their fortunes since the referendum last June to earn a record 658 billion pounds collectively. Srichand and Gopichand Hinduja, aged 81 and 77, lead the pack of 134 UK-based billionaires on the list and have made their fortune from investments in industries such as oil and gas, automotive, IT, energy, media, banking, property and healthcare sectors. Their latest project is converting the Old War Office in London into a five-star hotel and luxury apartments, the newspaper notes. Another sof India-born billionaire brothers, David and <keyword id="1030837" type="PERSON" weightage="20" keywordseo="Simon-Reuben">Simon Reuben</keyword>, who had topped the list last year have moved down to third place with steel tycoon <keyword id="75195" type="PERSON" weightage="20" keywordseo="Lakshmi-N-Mittal">Lakshmi N Mittal</keyword> at fourth. The second spot, occupied by the Hinduja brothers until 2016, has been taken over by Russian-born American businessman <keyword id="222885" type="PERSON" weightage="20" keywordseo="Len-Blavatnik">Len Blavatnik</keyword>. "While many of us worried about the outcome of the <keyword id="6355123" type="ORGANIZATION" weightage="20" keywordseo="EU">EU</keyword> referendum, many of <keyword id="11101" type="COUNTRY" weightage="20" keywordseo="Britain">Britain</keyword>'s richest people just kept calm and carried on making billions," said Robert Watts, compiler of the list. "We expected to see a chilling effect in the run-up to the EU referendum, but that simply did not materialise. A buoyant stock market usually drives the wealth of Rich Listers higher, and since last June equities have soared," he said. This year's list was also described as more diverse in composition, with more women, more people from ethnic backgrounds, and more from surprising walks of life, with egg farmers and pet food makers among the super-rich line-up. It now takes assets of 110 million pounds to break into the ranks of the richest 1,000 people in the UK. The figure in 2016 was 103 million pounds. The top 20 in the list alone are worth a total of 191.77 billion pounds, increasing their wealth by 35.18 billion pounds over the past 12 months.

An Indian just got through the richest people list in the UK! Here’s who

<ul><li>The University of Oxford might release early-stage human trial data on July 20, reported Reuters citing The Lancet medical journal. </li><li>University of Oxford’s coronavirus vaccine candidate is the most advanced vaccine candidate against COVID-19 under Phase II trial. </li><li>While the unproven vaccine is already being mass-produced, the data will help understand whether it is safe to use or not. </li><li>Even if it is proven to be a deterrent for COVID-19 virus, it would take a long time for the vaccine to be available for mass production and supply. </li></ul>There is a lot of buzz around the coronavirus vaccine under trial at the University of Oxford. Reports suggest that there may be ‘good news’ soon but, whatever the result, this should not be a cue to throw caution to the wind. The mass production and supply of the vaccine may take a much longer time and saving lives from COVID-19 in the interim will be just as much a challenge as it is right now. The University of Oxford, which is among the only three institutions in the world to start Phase III trials for coronavirus vaccine, might release early-stage human trial data on July 20, <a href="https://in.reuters.com/article/us-health-coronavirus-oxford-vaccine-itv/early-stage-trial-data-on-astrazeneca-covid-19-vaccine-due-monday-lancet-idINKCN24G1BD">reported Reuters citing The Lancet medical journal. </a> “I am hearing there will be positive news soon (perhaps tomorrow) on initial trials of the Oxford Covid-19 vaccine that is backed by AstraZeneca and supported by tens of millions of pounds of government money. The first data is due to be published in the Lancet.”<a href="https://indianexpress.com/article/explained/explained-twin-hopes-on-covid-vaccine-front-6507730/"> ITV’s political editor Robert Peston wrote</a>. University of Oxford’s coronavirus vaccine candidate is the most advanced vaccine candidate against COVID-19 under Phase II trial — which involves thousands of participants in South Africa, UK, and Brazil. Oxford says the <a href="https://www.businessinsider.in/science/news/2-billion-doses-of-the-oxford-coronavirus-vaccine-will-be-available-after-a-new-deal-that-included-750m-from-bill-gates-astrazeneca-says/articleshow/76215890.cms">potential coronavirus vaccine could be ready by September. </a> Oxford has struck a deal with pharma giant Astra Zeneca to mass-produce the vaccine — and provide about 2 billion doses to the world if successful. READ ALSO:<a href="https://www.businessinsider.in/science/health/news/checkout-the-list-of-coronavirus-vaccines-under-human-trials-right-now-worldwide-/slidelist/76994365.cms"> These are the coronavirus vaccines under human trials right now</a> <a href="https://twitter.com/BiIndia/status/1257988686739673088">According to Kiran Mazumdar Shaw</a>, the Director and Founder of Biocon, even after the vaccine is approved, India may not be able to produce more than 10-20 million doses in the first year, which is a negligible amount considering India’s population. “There are 26 million children born in India every year but we still struggle to vaccinate even 70% of them. How can we think that we can overnight go and vaccinate 1.4 billion people?, I don’t think vaccines is a major option for India until 2022,” <a href="https://twitter.com/BiIndia/status/1257988686739673088">Dr Ramanan Laxminarayan, Director CDDEP earlier told Business Insider India</a>. The scale of the experiment As many as 1,102 participants <a href="https://indianexpress.com/article/explained/explained-twin-hopes-on-covid-vaccine-front-6507730/">were recruited to experiment with </a>the vaccine in the UK in April. And after almost a month Profession Andrew Pollard, head of the Oxford vaccine Group said the clinical studies are “progressing very well.” While the unproven vaccine is already being mass-produced, the data will help understand whether it is safe to use or not. As many as 10,000 volunteers<a href="https://www.businessinsider.in/science/news/2-billion-doses-of-the-oxford-coronavirus-vaccine-will-be-available-after-a-new-deal-that-included-750m-from-bill-gates-astrazeneca-says/articleshow/76215890.cms"> are being testing in Phase II/III clinical trials </a>in the UK. The promising results of the Oxford vaccine in its pre-clinical trial stage were supported by American businessman Bill Gates. Moreover, I<a href="https://www.indiatoday.in/business/story/lakshmi-mittal-supports-oxford-jenner-institute-vaccine-research-1701165-2020-07-16">ndian steel magnate Lakshmi Mittal too donated about £3.2 million pounds</a> to support Oxford Jenner Institute. Apart from this, the US-based biotech firm Moderna said on July 14 that it would enter the final stage of human trials for its COVID-19 vaccine on July 27 after the vaccine showed promising results. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Jio Glass – Akash Ambani and Isha Ambani announce Reliance’s latest product which offers holographic video calls</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-16-increase-leads-to-surge-in-infosys-share-price-too/articleshow/76973619.cms">Wipro share price 16% increase leads to surge in Infosys share price too</a> <a href="https://www.businessinsider.in/science/health/news/moderna-covid19-vaccine-will-be-in-final-stages-of-human-trial-starting-july-27/articleshow/76972580.cms">Moderna's COVID-19 vaccine will be in final stages of human trial starting July 27</a>

The world can’t wait for good news from Oxford, Serum Institute and AstraZeneca ⁠— but that is only the first step

<ul><li>India has no plans of suspending the use of the <keyword id="9356489" type="UNKNOWN" weightage="20" keywordseo="astrazeneca-vaccine">AstraZeneca vaccine</keyword>, distributed as <keyword id="9617748" type="UNKNOWN" weightage="20" keywordseo="covishield">Covishield</keyword> in the country.</li><li>According to NITI Aayog member for health, Vinod K Paul, the vaccination efforts in India using Covishield will continue with ‘full vigour’.</li><li>India’s own authorities are looking into the concern around blood clots but have no reason for concern so far.</li></ul>As many European countries suspended the use of the <keyword id="6409874" type="COMPANY" weightage="20" keywordseo="astrazeneca">AstraZeneca</keyword> vaccine amid growing concerns that blood clots may be a possible side effect, the Indian government has no plans of following suit. “Our programme with Covishield implementation in the country will go on with full vigour,” said NITI Aayog member for health, Vinod K Paul during the press conference on March 17. Covishield is the local name of the Oxford-AstraZeneca vaccine being made in India by the Serum Institute of India (SII). <div type="Article" hostid="261" msid="81551251" title="Telangana and Andhra Pradesh have the highest COVID-19 vaccine wastage in India" mstype="2" mssubtype="0"></div> Denmark was the first country to suspend the use of AstraZeneca vaccine <a href="https://www.businessinsider.in/science/health/news/astrazeneca-covid-19-vaccine-controversy-from-india-to-europe/articleshow/81527932.cms">followed by other European nations</a>, including Italy, France and Germany. However, both the European Medicines Association (EMA) and the World Health Organisation (WHO), have said that it is only a precautionary measure. According to the nodal health agencies, there is currently no evidence to suggest causality between getting the vaccine and the subsequent blood clots in a very small percentage of patients. “India’s own group that looks at adverse effects has been seized with this particular issue over the past few days. They are tracking the information that’s available to us in a very systematic manner. We have no signal of concern in this regard,” Paul told reporters. India has doled out 35 million vaccine doses as of March 17. According to the Ministry of Health and Family Welfare (MoHFW), the country is ahead of the US and the UK in terms of vaccinations even though both those countries initiated their vaccination drives a month before India. SEE ALSO: <a href="https://www.businessinsider.in/science/health/news/telangana-and-andhra-pradesh-have-the-highest-covid-19-vaccine-wastage-in-india/articleshow/81551251.cms">Telangana and Andhra Pradesh have the highest COVID-19 vaccine wastage in India</a> <a href="https://www.businessinsider.in/finance/banks/news/india-hopes-that-more-money-will-bridge-the-infrastructure-gap-but-many-believe-that-may-not-be-enough/articleshow/81549184.cms">India hopes that more money will bridge the infrastructure gap⁠ but many believe that may not be enough</a> <a href="https://www.businessinsider.in/india/news/nita-ambani-set-to-become-a-visiting-professor-at-bhu-her-competition-for-the-post-were-gautam-adanis-wife-priti-and-lakshmi-mittals-wife-usha/articleshow/81543118.cms">Nita Ambani set to become a visiting professor at BHU – her competition for the post were Gautam Adani’s wife Priti and Lakshmi Mittal’s wife Usha</a>

India has no plans to suspend use of the AstraZeneca vaccine — ‘Covishield vaccinations will go on with full vigour’

<ul><li>One of the world's richest men, billionaire <keyword id="6355315" type="UNKNOWN" weightage="20" keywordseo="elon-musk">Elon Musk</keyword>, has turned down $1 million for a tweet he was selling as a <keyword id="10848592" type="UNKNOWN" weightage="20" keywordseo="non-fungible-token">non-fungible token</keyword>.</li><li>This comes after the founder of <keyword id="6360701" type="DEFINITION" weightage="20" keywordseo="spacex">SpaceX</keyword> and <keyword id="107096" type="COMPANY" weightage="20" keywordseo="Tesla">Tesla</keyword> posted that he was selling a song "about <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword>s as an NFT." </li><li>Listed on the NFT platform, Valuable, the highest bid was from Sina Estavi, the chief executive of Bridge Oracle, at $1.12 million. </li></ul>The eccentric billionaire Elon Musk just turned down $1 million for a tweet that he was selling as a non-fungible token (NFT) — small peanuts for the second-richest man the world, currently worth $175 billion, according to <a href="https://www.bloomberg.com/billionaires/profiles/elon-r-musk/">Bloomberg.</a> On March 15, Musk tweeted that he is “selling this song about NFTs as an NFT.” The tweet was accompanied by a two-minute video featuring an NFT-themed electronic dance music track. <div type="twitter" handle="elonmusk" handlename="Elon Musk" image="http://pbs.twimg.com/profile_images/1364491704817098753/V22-Luf7_normal.jpg" favoritecount="206537" retweetcount="27329" status="I’m selling this song about NFTs as an NFT https://t.co/B4EZLlesPx" createdat="1615837967000" id="1371549960030842893"></div> The tweet, the video and the caption were subsequently <a href="https://v.cent.co/tweet/1371549960030842893">listed as a NFT for sale on ‘Valuables’</a>, a platform released by Cent — a social media network built on blockchain. And, the highest offer is $1.12 million from Sina Estavi, the chief executive of Bridge Oracle. But, Musk seems to have changed his mind. “Actually doesn’t feel quite right selling this. Will pass,” he said in another tweet on March 16. According to <a href="https://www.cnbc.com/2021/03/17/elon-musk-turns-down-1-million-offer-to-buy-his-tweet-as-an-nft.html">CNBC</a>, the flurry of activity around Musk’s announcement helped distract his followers on Twitter from the news about personnel changes within the ranks of Tesla and the ongoing Federal probe into a Tesla crash that occurred in the US city of Detroit last week. What are NFTs? Non-fungible tokens or NFTs are a special class of digital assets but they operate differently from digital currencies. They cannot be exchanged with one another for equal value or broken down in smaller values like most currencies. No two NFTs are identical. They are characterised by their unique qualities as well as authenticity — a collectors item of sorts. The SpaceX and Tesla founder is only the latest to jump on to the NFT bandwagon. Global brands like Nike and Louis Vuitton are also generating NFT-based consumer goods and services. In fact, the NFT market is estimated to be worth $250 million according to a 2020 report by tech tracking company L’Atelier BNP Paribas. And, NFT creators are earning big bucks. On March 2, Musk’s partner, a musician who goes by the name Grimes, sold her digital collection WarNymph for $5.8 million in under 20 minutes. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-initial-public-offer-ipo-worth-581-crore-live-should-you-subscribe/articleshow/81543610.cms">Suryoday Small Finance Bank IPO worth ₹581 crore opens today – should you subscribe?</a> <a href="https://www.businessinsider.in/stock-market/news/nazara-technologies-ipo-opens-today-should-you-subscribe/articleshow/81542657.cms">Nazara Technologies will be the first pure-play gaming company to debut on the Indian public markets – analysts are all in for it</a> <a href="https://www.businessinsider.in/india/news/nita-ambani-set-to-become-a-visiting-professor-at-bhu-her-competition-for-the-post-were-gautam-adanis-wife-priti-and-lakshmi-mittals-wife-usha/articleshow/81543118.cms">Nita Ambani set to become a visiting professor at BHU – her competition for the post were Gautam Adani’s wife Priti and Lakshmi Mittal’s wife Usha</a>

Elon Musk turns down $1 million for the tweet he was selling as an NFT

It’s been nine years and no one has been able to overcome industrialist <a href="http://www.businessinsider.in/searchresult.cms?query=mukesh+ambani">Mukesh Ambani</a> as he was named India’s richest for ninth year in a row. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=forbes">Forbes Magazine</a> released India’s top 100 rich list and named Ambani the richest with a net worth of USD 18.9 billion. 
 
Ironically, his wealth dipped by USD 4.7 billion in a year and still he was at the helm. 
 
There was pleasant news for <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart">Flipkart</a> also as its founders made their debut in the list. <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>'s co-founders Sachin and Binni Bansal made their debut at 86th position with a net worth of USD 1.3 billion each. 
 Meanwhile, Ambani was followed by <keyword id="44642" type="CITY" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword>'s Dilip Shanghvi as second richest with a net worth of USD 18 billion, while <a href="http://www.businessinsider.in/searchresult.cms?query=wipro">Wipro's</a> Azim Premji retained his third place with USD 15.9 billion. 
 
In the top ten were Hinduja brothers, Pallonji Mistry, Shiv Nadar, Godrej family, Lakshmi Mittal, Cyrus Poonawala and Kumar Mangalam Birla. 
 
Lakshmi Mittal’s net worth also dipped to USD 4.6 billion and was ranked 8th with USD 11.2 billion. His rank also slipped three places. 
 
Forbes magazine mentioned that the combined wealth of India's 100 richest persons remained largely unchanged at USD 345 billion, as compared to USD 346 billion in 2014. 
 
Apart from Flipkart, there were many newcomers like <a href="http://www.businessinsider.in/searchresult.cms?query=indigo">IndiGo's</a> co-founder Rakesh Gangwal who has debuted at 70th position with a net worth of USD 1.6 billion ahead of his company's IPO. 
 
Forbes said the list was compiled using shareholding and financial data obtained from families and individuals, stock exchanges, analysts and regulators. 
 
(Image: tvtropes.org)

Nine years on, Mukesh Ambani is still India’s richest

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Reuters/Heinz-Peter BaderSteel prices have been rocked by the slowdown in China.</div></div></div>ArcelorMittal, the biggest steel producer in the world, saw <a href="http://corporate.arcelormittal.com/~/media/Files/A/ArcelorMittal/news-and-media/press-releases/2016/ArcelorMittal-first-quarter-2016-results.pdf" target="_blank">first quarter profits fall by a third</a> as the price slump in commodities continued to affect its bottom line.Revenues in Q1 were $13.4 billion (£9.3 billion), massively down from $17.1 billion (£11.8 billion) in the same period last year. Earnings before tax fell to $927 million (£640 million) from $1.38 billion (£950 million) the year before.Despite the slump, the company narrowed its net losses, which were $416 million (£287 million) from $728 million (£502 million) in Q1 of 2015.Lakshmi N. Mittal, ArcelorMittal's Chairman and CEO, said the results reflected tough operating conditions thanks to China:"We have seen a recovery in spreads in our core markets to more sustainable levels, which is expected to result in improved results in the coming quarters. This is a welcome development, although given the levels of excess capacity in China the market remains fragile and we must continue to be vigilant and active against the threat of unfair trade."The report added that while Arcelor while expected steel demand to decline due to weakness in the real estate sector, it also thought prices would stabilise to 2015 levels due to "an end to destocking."As Business Insider <a href="http://uk.businessinsider.com/arcellormittal-bg-group-losses-2015-oil-steel-2015-2016-2" target="_blank">previously reported</a>, Luxembourg-based Arcelor has been stung by China exporting a record amount of steel to combat its slowing economy.China made more steel than every other country combined last year, <a href="http://www.wsj.com/articles/arcelormittal-narrows-losses-1462512252" target="_blank">according to the Wall Street Journal</a>, forcing EU and US governments to impose import tariffs. But it's still hasn't been enough to curb falling prices in the regions.Tata steel, Europe's second largest steel producer, said it <a href="http://uk.businessinsider.com/tata-steel-puts-its-entire-uk-business-up-for-sale-2016-3" target="_blank">planned to sell off its British assets last March</a> in response to Chinese competition, while in April US Senator Ron Wyden <a href="http://uk.businessinsider.com/us-deals-with-china-overcapacity-2016-4?r=US&amp;IR=T" target="_blank">accused China</a> of "distorting" the markets and suppressing steel prices.ArcelorMittal shares fell 3.6% on the news, dropping to €4.52 a share as of 8:50 AM GMT:<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.investing.com/equities/arcelormittal-reg">Investing.com</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/goldman-sachs-history-banks-finance-markets-ed-morris-2016-4">THE STORY OF GOLDMAN SACHS: From foot peddlers to a powerhouse</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="NxNWJ1MjE6u0RxXow5D79vSG1wtQyHQT" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

You Searched For "Lakshmi Mittal news" and got 10 results

ArcelorMittal's bid for the bankrupt Essar Steel clears another hurdle that will give banks 60% off their dues-- but the appellate order has done something more

Sriram Iyer

Nowhere in the world do bankruptcy cases have a 330-day deadline, says bankruptcy board chief MS Sahoo

Sriram Iyer

Lakshmi Mittal can begin taking over Essar Steel as India's Supreme Court ends the debate on how to distribute the money

Sriram Iyer

An Indian just got through the richest people list in the UK! Here’s who

BI India Bureau

The world can’t wait for good news from Oxford, Serum Institute and AstraZeneca ⁠— but that is only the first step

BI India Bureau

India has no plans to suspend use of the AstraZeneca vaccine — ‘Covishield vaccinations will go on with full vigour’

Prabhjote Gill

Elon Musk turns down $1 million for the tweet he was selling as an NFT

Prabhjote Gill

Nine years on, Mukesh Ambani is still India’s richest

BI India Bureau

The world's largest steelmaker is getting smashed by China

Matthew Nitch Smith

Top 100 richest people in the world: Some interesting facts

BI India Bureau

Popular Keywords

Buying Guides