2 Bar Blue Cufflinks - Online
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GDYNIA/LONDON (Reuters) - ArcelorMittal, the world’s largest steel producer, has agreed the sale of plants in the Czech Republic, Romania, Macedonia and Italy to Liberty House to satisfy regulatory requirements for its acquisition of Italian steelmaker Ilva. The announcement by ArcelorMittal on Friday did not disclose the value of the disposals, though investment bank Jefferies said they are unlikely to achieve a book value it estimates at $1 billion. The sales satisfy part of an agreement with the European Commission, which approved the acquisition of Ilva - Italy’s largest steel plant by capacity - after ArcelorMittal pledged to sell a string of businesses across Europe to address competition concerns.
ArcelorMittal said talks were ongoing for the sale of ArcelorMittal Dudelange in Luxembourg and several finishing lines in Liege, Belgium, which were the other assets included in the agreement with the European Commission, “Given a poor recent earnings track record, all 2 bar blue cufflinks disposal assets (including Dudelange and Liege) would be worth circa $750 million to $950 million on a peer-based EV/EBITDA basis,” said Jefferies in a note that reiterated its ‘buy’ rating on the stock, “While there remains a wide range of expectations for disposal proceeds, this is sure to surpass the 180 million euros per annum that ArcelorMittal is paying the Italian state to acquire Ilva.”..
ArcelorMittal signed a preliminary agreement to pay 1.8 billion euros over 10 years for Ilva. It also promised to invest 1.2 billion euros to boost productivity and 1.1 billion euros to reduce pollution. German steelmaker Salzgitter said it has submitted an offer for ArcelorMittal assets, while there is talk in the market that Russian steelmaker NLMK is also in the running. ArcelorMittal said the closing of the deal with Liberty House, one of the world’s largest privately owned industrial groups with operations covering more than 30 countries, is subject to completion of the Ilva acquisition.
Liberty House, which has been snapping up distressed steel and aluminum assets, said the deal more than doubles its worldwide steel-rolling capacity to 15 million tonnes, Jefferies said the sale to Liberty reduces market concerns that the ArcelorMittal furnaces would fall piecemeal into the hands 2 bar blue cufflinks of several smaller players, which could weigh on steel prices by increasing the number of competitors in the market, “The sale to Liberty assuages fears that these assets could be acquired by potentially more disruptive Ukrainian/Russian peers, as previously rumored,” it said..
LONDON (Reuters) - Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them. The past week’s stock market slide has wiped $2.6 trillion off the value of global equity. The selloff in itself surprised no one; more interesting was the suddenness and the apparent lack of triggers. It was a milestone week. The S&P 500 lost more than 5 percent in two days, the Nasdaq’s fall on Wednesday was its biggest since 2011, China’s slide took its stocks 30 percent off January peaks, and Taiwan’s stock futures suffered their worst day since 2000.
The warning signs are long-standing: a tightening Fed, rising dollar, escalating trade war, slowing China and fragile emerging markets, Add in renewed doubts over Italy’s debt and Donald Trump’s attacks on the “loco” Fed, and you can see why some of the market froth came off, The million (or trillion) dollar question now is: is this the major correction many people have been flagging for months, if not years? Or not? The coming 2 bar blue cufflinks week may show, (Graphic: Global stock market losses - reut.rs/2OnTlSr)..
Thousands of Chinese exporters descend on the Canton Trade Fair in the coming week to strike deals, sell their wares and, this year, whine about the heavy tariffs the Trump administration has imposed on their U.S. sales. At April’s fair, exporters didn’t seem unduly concerned about trade wars. Latest data also showed healthy exports that pushed China’s trade surplus with the United States to another record high. Yuan weakness probably helped – the currency is down 10 percent since March when the first Sino-U.S. salvos were fired.
What lies ahead is the U.S, Treasury’s semi-annual report on currency manipulators, China has for years dodged being labeled one and media reports suggest it’s not been labeled this time either, even if the yuan is approaching the 7-per-dollar mark, Calling out Beijing as a currency manipulator may give Washington more firepower in its trade dispute, But there is also the issue of the $1.17 trillion in U.S, Treasury bonds held by China, Selling those holdings might 2 bar blue cufflinks mean short-term losses for China but could bring a fresh jump in bond yields and an even higher dollar, That would in turn put U.S, exports at a further disadvantage against Chinese, and more generally, global goods and services..