ArcelorMittal, the Luxembourg-based steel giant that operates a global research and development center in East Chicago, had its best quarter in a decade after selling off its Northwest Indiana steel mills last year.
Lakshmi Mittal created the world's largest steelmaker that at one point single-handedly produced a tenth of the world's steel. He founded ArcelorMittal, a multinational giant with customers in 160 countries that long ran Northwest Indiana's mills.
ArcelorMittal will return $650 million to shareholders with proceeds from the sale of most of its U.S. operations, including its steel mills and finishing lines in the Calumet Region.
ArcelorMittal lost more than $3.1 billion from its overall global operations in the last two years it made steel in Northwest Indiana.
A new CEO is taking the reins at ArcelorMittal and it's the old CEO's son.
The Luxembourg-based steelmaker reached an agreement to sell 40 million shares through an underwritten public market offering.
Any displaced ArcelorMittal workers can get trade adjustment benefits, such as job training, income support and help with health care expenses.
The state is fining the Indiana Harbor steel mill in East Chicago $21,000 for serious safety violations uncovered after a worker's death in July.
ArcelorMittal is teaming up with Nippon Steel to invest an estimated $600 million in its much newer AM/NS Calvert mill in Alabama, where it will build a new electric arc furnace.
A steel industry analyst said ArcelorMittal has been losing money in North America but its successor, Cleveland-Cliffs, should be in a better position to succeed.
Cleveland-Cliffs Inc. got the go-ahead from the federal government to acquire ArcelorMittal USA in a $1.4 billion deal that will transfer ownership three major steel mills in Northwest Indiana, along with finishing facilities in Gary, Riverdale and New Carlisle.
ArcelorMittal's sale of most of its U.S. mills to Cleveland-Cliffs marks another chapter in the more than century-long saga of the steel industry along the Calumet Region's lakeshore.
ArcelorMittal, the Luxembourg-based steel giant that's in the process of selling off most of its Northwest Indiana operations, lost $300 million in the third quarter, as compared to $600 million in the second quarter.
The deal will consolidate the long-declining domestic integrated steel industry that makes new steel with blast furnaces into the hands of just two big players in the United states who will potentially have more negotiating power with the auto industry that is its lifeblood: U.S. Steel and Cleveland Cliffs.
Many of the NFL stadiums now filled with cardboard cutouts in the seats were made with ArcelorMittal steel, including metal forged in Northwest Indiana.
ArcelorMittal Global R&D researchers will publish a technical paper on the ring expansion test at the International Pipeline Conference in late September.
The research lab on Columbus Drive in East Chicago secured a share of the $3.3 million that the Department of Energy awarded through its High-Performance Computing for Manufacturing Program.
Ford lost $1.9 billion, supplier Lear $294 million, ArcelorMittal $559 million, U.S. Steel $589 million, and BP a whopping, eye-popping $16.8 billion in the second quarter after COVID-19 greatly disrupted daily life and the economy. Ford and Lear temporarily closed their plants in Hegewisch, Chicago Heights, and Hammond. ArcelorMittal and U.S. Steel temporarily laid off hundreds of workers in Northwest Indiana as demand dried up overnight, and BP is now proposing job cuts at the BP Whiting Refinery on the Lake Michigan lakefront.
ArcelorMittal plans to invest $500 million in its AM/NS Calvert mill in Alabama, where it will build a new electric arc furnace.
In May, the Luxembourg-based steelmaker idled the #4 Blast Furnace at its Indiana Harbor steel mill after automotive plants nationwide shut down for a deep cleaning to slow the spread of coronavirus that's killed more than 155,000 Americans.
ArcelorMittal laid off hundreds of employees, including 877 in East Chicago.
ArcelorMittal loses $559 million in second quarter because of coronavirus impact.
ArcelorMittal donated 50 truckloads of limestone, which is used during the steelmaking process, to pave the way for the new Veterans Memorial Trail in Hebron.
ArcelorMittal and Nippon Steel won international recognition for their $5.7 billion acquisition of Essar Steel India Limited last year.