Thyssenkrupp to cut another 5,000 jobs
19 Nov 2020
German conglomerate Thyssenkrupp plans to cut another 5000 jobs to stem losses across its sprawling empire after posting a US $1.9 billion operating loss in its latest financial year.
Shapoorji Pallonji Group Files For Separation From Tatas
30 Oct 2020
The Shapoorji Pallonji Group on Thursday sought a formal separation from Tata Group in the Supreme Court, in a proposal that its stake in Tata Sons be swapped for a pro-rata stake in the Tata Group's listed companies.
The two conglomerates have been embroiled in a legal battle since 2016 when Cyrus Mistry, scion of the family that controls the SP Group, was sacked as chairman of Tata Sons.
Australia Seeks Clarification on China Coal Ban Reports
13 Oct 2020
Trade Minister Simon Birmingham says the government made approaches through diplomatic channels for clarification on reports that China has suspended purchases of Australian coal.
Tata Group offers to buy out Mistry family stake in shares dispute
22 Sep 2020
Tata Sons has offered to buy out Shapoorji Pallonji Group's stake in the holding company to help the group raise money to pay its debt. The Supreme Court has also barred the Mistry group from pledging or selling any Tata shares until October 28, when it starts hearing final arguments in the case.
South Korean court can proceed with selling of Nippon Steel's assets on Tuesday
03 Aug 2020
A South Korean court is expected to decide soon whether to order the sale of assets belonging to Japan's Nippon Steel to compensate four Korean victims of forced labor. This Tuesday will mark 60 days since public notice of the assets' pending seizure was issued by the Pohang Branch of the Daegu District Court, and with no response from Nippon Steel or Japan's foreign ministry, the court considers notice to have been delivered. This comes after South Korea’s Supreme Court in 2018 ruled in favor of the victims of forced labor under Japanese colonial rule, and ordered Nippon Steel to pay them around 84-thousand U.S. dollars each.
South Korean court pushes for sale of Nippon Steel's assets to compensate wartime labour victims
04 Jun 2020
Legal action has begun in a South Korean court against a Japanese steel maker. The aim is to get the firm to compensate victims of wartime forced labour during the Japanese occupation. The action could lead to Nippon Steel's assets being liquidated, after it ignored an earlier compensation ruling in 2018. Tokyo has slammed the move, saying the issue was already settled by a 1965 agreement.
Arcelor Mittal striking workers march in redundancy dispute
23 May 2020
Hundreds of Arcelor Mittal steel workers took to the streets of Genoa on Monday, in Italy's first protest march since the coronavirus lockdown. The workers defied an injunction by the police and marched from their factory in the suburb of Cornigliano to the government office in the city centre. Protesters tried to observe distancing rules, with organisers regularly reminding them to do so.
Nearly all of them wore face masks during what the organisers called 'a civil walk'. Towards the end of it, protesters shouted slogans against the company. The latest government decree easing lockdown measures starting on Monday only allowed for static protests. The workers, on the third day of a strike, were protesting against Arcelor Mittal's decision to extend redundancy pay for its employees.
The FIOM-CGIL trade union sent a petition to prosecutors claiming there were irregularities in the company's use of redundancy pay. The company was gradually reintegrating its workforce as the quarantine was easing, and late last week up to 650 workers had gone back to the factory floor. Mittal then announced plans to put 200 Genoa factory workers back into redundancy pay, triggering the decision to call a strike.
Unanswered questions post Essar Steel Verdict
24 Feb 2020
The Supreme Court's verdict in the Essar Steel case, upholding the primacy of financial creditors, was a watershed moment in India's Insolvency landscape. However, some unanswered questions lingered on.
For example: What happens to contingent liabilities and personal guarantees? Who gets the profits during insolvency? Ashwin Bishnoi answers these questions.
NCLAT grants JSW Steel immunity in Bhushan Power Case
17 Feb 2020
The National Company Law Appelate Tribunal (NCLAT) allows JSW Steel's bid for Bhushan Power, offering JSW immunity from criminal proceedings relating to offences committed by the target company's previous management.
Professor Mary Beth Deily on barriers to exit in the US steel industry
11 Feb 2020
In this video, Mary Beth Deily, Professor of Economics at Lehigh University discusses barriers to exit in the US steel sector in recent years.
US Steel reaches settlement with Mon Valley residents
09 Jan 2020
A legal clinic was held Thursday in Clairton for people who could be involved in a class-action lawsuit against US Steel. More than 5,000 households in the Mon Valley are getting $2 million after residents agreed to a proposed settlement with U.S. Steel – saying they deserve to live a clean and healthy life.
ArcelorMittal Cheated On Test, Regulators Say
07 Jan 2020
Indiana state regulators say the ArcelorMittal steel plant in Burns Harbor has been manipulating test results, after a chemical spill killed 3,000 fish last summer.
Tata Sons appeal in Supreme Court against NCLAT Mistry Order
02 Jan 2020
Tatas move to the Supreme Court to appeal against against the NCLAT verdict to reinstate Cyrus Mistry, arguing that this judgement is inconsistent with the annals of corporate law and that it creates a recipe for an unmitigated disaster.
More on the boardroom spat between Tata Sons and Cyrus Mistry.
EU Steel industry in crisis - a warning to the European Parliament
01 Jan 2020
The EU Steel industry is in crisis. Arcelor Mittal has decided to suspend production in Krakow, with a loss of 1300 jobs.
Tata Steel has announced that it will shed three thousand jobs in Europe. US Steel Kosice in Slovakia is shutting down, with two and a half thousand job losses.
What is the European Commission doing about this?
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