Skip to content
Search

Latest Stories

ArcelorMittal expects a 'challenging' year ahead; reports net loss in Q1

World's largest steelmaker ArcelorMittal on Thursday (7) reported a net loss of $1.1 billion for the first quarter ended 31 March, 2020, amid the COVID-19 crisis. The company reported net income of $0.4 billion in the same period last year.

The net loss for the steel giant was $1.9 billion for the fourth quarter of 2019.


"The improved operating performance in the first quarter has been considerably overshadowed by the COVID-19 crisis. Faced with a significant humanitarian challenge, the company's first priority has been to take all the necessary actions to safeguard the wellbeing of our people and to provide support to the extent required in the communities in which we operate," ArcelorMittal Chairman and CEO Lakshmi N Mittal said.

"We have also moved decisively to protect the business in the face of the completely unprecedented scenario we are facing where social and economic lockdown has contributed to a significant decline in demand."

Due to low demand the company also cut production during the January-March quarter.

Mittal hopes that countries will start to announce exit strategies from the COVID-19 lockdown in this month.

“The remainder of this year will be challenging, but I am confident that ArcelorMittal has the experience and inherent resilience, to manage through these difficult times," he said.

More For You

JLR-Tata-Getty

JLR had initially planned to manufacture more than 70,000 electric vehicles at the facility. (Photo: Getty Images)

JLR halts plan to build EVs at Tata’s India plant: Report

JAGUAR LAND ROVER (JLR) has put on hold plans to manufacture electric vehicles at Tata Motors’ upcoming £775 million factory in southern India, according to a news report.

The decision was influenced by challenges in balancing price and quality for locally sourced EV components, three of the sources said. They added that slowing demand for electric vehicles was also a factor.

Keep ReadingShow less
budget friendly spring destinations

Lock in affordable trips and avoid inflated prices

iStock

Top 7 budget-friendly spring destinations for 2025

With spring break just around the corner, it's time to lock in affordable trips and avoid inflated prices. Booking three weeks to a month in advance can help secure the best deals. Spring 2025 is shaping up to be a great time for travel, with airfares for international trips down by 3% and hotel rates decreasing by 2%, making it easier than ever to plan a memorable trip without breaking the bank. Here are seven top destinations to explore on a budget this spring.

1. Big Bear, California

Big Bear Lake, CaliforniaiStock

Keep ReadingShow less
Leicester drug supplier Sarju Khushal jailed for 11 years over £2m operation

Sarju Khushal

Leicester drug supplier Sarju Khushal jailed for 11 years over £2m operation

A MAN who supplied controlled drugs on a ‘wholesale’ scale across Leicestershire has been sentenced to 11 years in prison. Sarju Khushal, 30, was arrested in 2022 after investigations revealed he had been transporting drugs from Lancashire into the area.

Khushal, formerly of Hazeldene Road, Leicester, pleaded guilty to several charges, including the supply and conspiracy to supply class A drugs. He was sentenced at Leicester crown court last Thursday (6).

Keep ReadingShow less
Tamil Nadu Education

Tamil, one of the oldest living languages in the world, is a source of pride for the state’s people

Getty images

Education or imposition? Tamil Nadu battles India government over Hindi in schools

A war of words has erupted between Tamil Nadu’s Chief Minister MK Stalin and the federal government over the National Education Policy (NEP) 2020, which recommends a three-language formula in schools, with two of the three being native to India. Stalin has voiced strong objections, claiming that the policy could lead to the imposition of Hindi, a northern Indian language, in non-Hindi-speaking states like Tamil Nadu. The issue has reignited old tensions between southern states and the central government over the privileging of Hindi.

Historical resistance to Hindi

Tamil Nadu has a deep-rooted history of opposing the promotion of Hindi, dating back to the 1960s. Protests broke out in the state when the federal government attempted to make Hindi the sole official language, leading to a compromise that allowed the continued use of English. Language in Tamil Nadu is not merely a means of communication but a powerful symbol of cultural identity. Tamil, one of the oldest living languages in the world, is a source of pride for the state’s people. As a result, any perceived threat to its prominence is met with strong resistance.

Keep ReadingShow less