Mittal may shift Kazakh oil assets to OVL tie-up

World’s fifth-richest person and chief executive officer of the largest steel producer Arcelor Mittal, Lakshmi N Mittal said on Wednesday that he plans to transfer the Kazakhstan oil assets, he acquired recently for $980 million from Russia’s Lukoil, to his joint venture firm with ONGC Videsh Ltd (OVL).

In April, Mittal had acquired the Russian oil firm Lukoil’s 50% stake in Caspian Investments Resources (CIR). CIR has equity in five Kazakh oil fields—Alibekmola, Kozhasai, Northern Buzachi, Karakuduk and Arman—in the Aktyubinsk and Mangistau regions. Current production from the fields, which have total proven reserves of some 270 million barrels, is more than 40,000 barrels per day and is set to increase in the coming years.

Read more in Financial Express

Mittal not doing an Arcelor at Posco

South Korean media reports about the world’s largest steel maker Arcelor Mittal eyeing a hostile takeover bid for Posco, the third largest steel company in the world, have been denied by both companies. A top Arcelor Mittal executive told ET that there was no truth in these reports.
Posco, too, has has denied a Korean newspaper report that a senior Arcelor Mittal executive expressed interest in Posco’s M&A strategy when he visited South Korea last month. “The Arcelor Mittal executive and Posco CEO talked about the consolidation in the global steel industry at that time but the executive did not mention Poscos’s M&A strategy,” a Posco official told news agencies.

The Korea Economic Daily on Friday reported that Arcelor Mittal could be interested in making a hostile takeover of South Korean steel maker. Citing an unnamed Posco executive, the local paper reported that Arcelor Mittal’s interest in the Korean major’s M&A strategy means the firm has put Posco on its M&A target list. Roland Junck, a member of Arcelor Mittal’s management board, had met Posco chief executive Lee Ku-taek last month.


Read more at The Economic Times

POSCO denies hostile bid by Arcelor-Mittal

SEOUL: POSCO Co Ltd , the world's third-largest steel maker, denied a media report on Friday that a senior Arcelor Mittal executive expressed interest in POSCO's M&A strategy when he visited South Korea last month.

The Korea Economic Daily said Arcelor-Mittal, the world's biggest steel maker, could be interested in making a hostile takeover of South Korean steel maker POSCO Co. Ltd.

Roland Junck, a member of Arcelor-Mittal's management board, met POSCO Chief Executive Lee Ku-taek last month, but M&A issues were not discussed, the South Korean firm said at the time.

"There was no discussion on issues related to M&A when the Mittal executive met POSCO CEO last month," an official reiterated on Friday.

The official also said the company was seeking to increase the number of investors supportive to POSCO's existing strategy to ensure stable management.