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<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>

The world's largest steelmaker is getting smashed by China

<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 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

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>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

<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>

You Searched For "Lakshmi Mittal news" and got 7 results

The world's largest steelmaker is getting smashed by China

Matthew Nitch Smith

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

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

BI India Bureau

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

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

Prabhjote Gill

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

BI India Bureau

Top 100 richest people in the world: Some interesting facts

BI India Bureau

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