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600 lose jobs at Arcelor Mital

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Re: 600 lose jobs at Arcelor Mital

Postby joker » September 2nd, 2018, 6:07 pm

De Dragon wrote:Love how the union is making it as if Nu-Iron is doing something underhanded by being granted extensions to acquire AMPL. Nu-Iron's parent company is a Fortune 500 company who's CEO prolly has that 20 million in his pocket at any given time, so I doubt that it is a matter of not having the money. Something else is up.
5 extensions?... more money for the entire plant ... more jobs... no wonder employees run to the Union when in trouble...
* u have a stag for mih..

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Re: 600 lose jobs at Arcelor Mital

Postby teems1 » September 3rd, 2018, 4:56 am

Moobs wrote:Lakshmi Mittal is one of the world's richest men but he still f#$ked over the workers.
I've heard he always had a soft spot for TT and actually kept them open far longer than some of his other steel mills.

During his rise to international steel magnate the TT mill was his workhorse.

Blame the cheap Chinese steel being dumped onto the market for the closure.

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Re: 600 lose jobs at Arcelor Mital

Postby sMASH » September 3rd, 2018, 5:51 am

He got the plants when steel demand was high, and let them go when demand fell. The same period ispat was shut down was when British plants were closing down too. If it had stayed open longer, it was probably because it had the lowest operating cost per unit output, in addition to being one of his biggest plants, if not the biggest one in his stable.

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Re: 600 lose jobs at Arcelor Mital

Postby hydroep » September 6th, 2018, 12:07 am

Hope on the horizon?

Nu-Iron withdraws bid for steel plant
Laurel Williams 7 Hrs Ago

Nu-Iron Unlimited withdrew its US$20 million bid for the former Arcelor Mittal steel plant on Friday because of bureaucratic hold ups, Newsday has learnt.

A source told Newsday the company, which had been waiting on approval from the Ministry of Finance for a foreign investor licence, had finally got fed up of being asked to provide "assurances" to the state.

The plant, located in the Point Lisas Industrial Port Development Corporation (Plipdeco), was shuttered in March 2016 and put in liquidation. Newsday contacted the liquidator, Christopher Kelshall, who declined to confirm or deny the news, instead saying to call him later. He had previously admitted to the Newsday that the bid had been held up because the government agencies handling approvals had been putting Nu-Iron "through the ringer." Finance Minister Colm Imbert declined to comment.

The bid period closed at the end of September. Nu-Iron won the bid, but the lock-out period, preventing other bids, kept being extended to facilitate the approval process. After five extensions, it finally ended on Friday. Nu-Iron's parent company, US-based Nucor, did not respond to Newsday's request for comment.

Another company, Macarri Steel Holdings Ltd, in April, made a US $27 million bid to purchase the plant but had not been entertained since the official bid period had already closed.

One of Macarri’s directors, TT businessman Unanan Persad, said Macarri is now hoping it gets to bid, creating employment for former workers, some of whom are still unemployed since the Arcelor plant closed.

“I heard (Nu-Iron withdrew) but I cannot confirm it. He (the liquidator) could go out for bids again or probably choose us, I don’t know. The ball is in the liquidator’s court. He is the one to make the decision.”

President of the Steel Workers Union of TT (SWUTT) Christopher Henry said he also heard the report of the withdrawal but is yet to confirm it.

“It is speculation at this time. If it is true, we are asking the Government to get involved and ensure that Macarri Steel is the preferred purchaser. They are offering the workers their jobs back, as well as to build three more plants,” Henry said.

Last week Henry appealed to the Finance Minister and by extension the Government to intervene and meet with SWUTT to ensure the bidding process reopens in favour of Macarri.


https://newsday.co.tt/2018/09/05/nu-iron-withdraws-bid-for-steel-plant/

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Re: 600 lose jobs at Arcelor Mital

Postby sMASH » September 6th, 2018, 9:09 am

Like the licensing grease a bit too much..
But it dies lend hope to the plight

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Re: 600 lose jobs at Arcelor Mital

Postby De Dragon » September 7th, 2018, 6:45 pm

joker wrote:
De Dragon wrote:Love how the union is making it as if Nu-Iron is doing something underhanded by being granted extensions to acquire AMPL. Nu-Iron's parent company is a Fortune 500 company who's CEO prolly has that 20 million in his pocket at any given time, so I doubt that it is a matter of not having the money. Something else is up.
5 extensions?... more money for the entire plant ... more jobs... no wonder employees run to the Union when in trouble...
* u have a stag for mih..

Last extension expired on August 31st. Another was NOT applied for. Do people bumping their gum up here know what an "extension" actually is anyhow?

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Re: 600 lose jobs at Arcelor Mital

Postby The_Honourable » September 11th, 2018, 5:36 pm

Nu-Iron still interested in old Arcelor Mittal plant

Image

Nu-Iron Unlimited remains interested in acquiring the now-defunct Arcelor Mittal plant, although it is no longer in negotiations after the lock-out period for completing the deal expired last Friday.

It will not, however, stand in the way “if another company is prepared to make a proposal that is good for the country and acceptable to Arcelor Mittal’s liquidator and the government,” the company said in a statement to Newsday.

The company clarified that it did not “withdraw” its US$20 million bid for the plant. Instead, Newsday understands, it allowed the lock-out period to expire without requesting an extension. The lock-out period was part of the receivership arrangement to prevent other bids from being entertained during the finalisation of the purchasing process. Newsday understands that since Nu-Iron’s bid had been accepted around the end of last year, the lock-out period had been extended several times.

Newsday also understands much of the delay preventing the ultimate resolution of the deal was bureaucratic, with the government putting the company “through the ringer.” Newsday was told one of the biggest holdups was the approval of a foreign investor licence that needed to be granted by the Ministry of Finance. Finance Minster Colm Imbert declined to comment when Newsday asked about the status of the licence.

Nu-Iron alluded to the government’s influence in the process, saying the government had a “responsibility to the citizens of TT to approve such foreign investment acquisitions that they believe to be best suited for the country and the Point Lisas community that we call home.” It added that, despite the outcome, its interaction with the government and its agencies was “positive and professional.”

Nu-Iron operates a direct reduced iron (DRI, a raw material for steel) plant in the Point Lisas Industrial and Port Development Company (Plipdeco) compound. Its bid, the company said, was based on “a market opportunity” to expand its raw material base. The Arcelor Mittal plant included one of the biggest DRI plants in the world. Should another investor acquire the plant, it will not have an adverse impact on Nu-Iron’s current operations, the company added.

Newsday attempted to contact the liquidator, Christopher Kelshall, about further plans to reopen the bidding period, but he did not answer several calls to his mobile.

Source: https://newsday.co.tt/2018/09/07/nu-iro ... tal-plant/

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Re: 600 lose jobs at Arcelor Mital

Postby The_Honourable » October 3rd, 2018, 5:46 pm

Request for Expressions of Interest - Sale of Steel Plant

Source: https://energynow.tt/blog/request-for-e ... teel-plant
Attachments
ArcelorMittal+Point+Lisas+Limited+(In+Liquidation)+-+Request+for+Expressions+of+Interest-page-001.jpg

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Re: 600 lose jobs at Arcelor Mital

Postby pugboy » October 3rd, 2018, 5:48 pm

But ent plenty ting done get thief out
All the copper etc from the furnace go e

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Re: 600 lose jobs at Arcelor Mital

Postby The_Honourable » April 14th, 2019, 3:01 pm

Bidding process is over but the Steel Workers Union has a problem with one of the bidders.


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Re: 600 lose jobs at Arcelor Mital

Postby zoom rader » April 14th, 2019, 3:03 pm

The_Honourable wrote:Bidding process is over but the Steel Workers Union has a problem with one of the bidders.

I would not trust Steel workers unions.

I spent a few years in that union and they are nothing more than an extension of the PNM

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Re: 600 lose jobs at Arcelor Mital

Postby The_Honourable » May 1st, 2019, 10:31 pm

Former ArcelorMittal steel mill gets new owner

Aeternus Steel Holdings Ltd, a joint venture between local company Integrus Group and Dubai investors Cassia Group, has won the bid for the now-shuttered ArcelorMittal steel mill in Point Lisas.

The winner was announced today.

The plant was shuttered in March 2016, beginning liquidation proceedings soon after to pay off its reported $1.3 billion debt – most of which was owed to its parent, the ArcelorMittal group, which is headquartered in Luxembourg.

Speaking to Newsday, liquidator Christopher Kelshall confirmed the name of the winning bidder and said the process has now “moved through to the next stages.” “The intention is to restart in phases but (Aeternus) is interested in recommissioning the plant. It will be done over time,” Kelshall told Newsday in a phone call. He said he was still bound by confidentiality agreements, so could not much, including the value of the bid.

This is the second bid round for the plant. The first was in September 2017, but after months of waiting for approvals from relevant government authorities, the preferred bidder, Nu-Iron, a subsidiary of American steel giant Nucor, pulled out of the process. The new bid round began in January and ended in March.

Losing out was Macarri Steel Holdings Ltd, a consortium made up of local and international investors, including former steelworkers, who had petitioned to be allowed to bid and restart the plant. Speaking to Newsday this afternoon, director Unanan Persad confirmed the company’s bid – estimated to be US$27 million – was unsuccessful.

Newsday also spoke with Jai Leladharsingh, manager of the Couva-Point Lisas Chamber of Commerce, who said the organisation was not aware of who won the bid but welcomed any attempt to restart the mill. “We would be happy if the plant (restarted), earning foreign exchange for the country and hiring the former steelworkers. It would also stimulate economic activity in the Couva/California region.”

Source: https://newsday.co.tt/2019/05/01/former ... new-owner/

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Re: 600 lose jobs at Arcelor Mital

Postby sMASH » May 2nd, 2019, 4:57 am

good news.

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Re: 600 lose jobs at Arcelor Mital

Postby De Dragon » May 2nd, 2019, 5:14 am

The_Honourable wrote:Former ArcelorMittal steel mill gets new owner

Aeternus Steel Holdings Ltd, a joint venture between local company Integrus Group and Dubai investors Cassia Group, has won the bid for the now-shuttered ArcelorMittal steel mill in Point Lisas.

The winner was announced today.

The plant was shuttered in March 2016, beginning liquidation proceedings soon after to pay off its reported $1.3 billion debt – most of which was owed to its parent, the ArcelorMittal group, which is headquartered in Luxembourg.

Speaking to Newsday, liquidator Christopher Kelshall confirmed the name of the winning bidder and said the process has now “moved through to the next stages.” “The intention is to restart in phases but (Aeternus) is interested in recommissioning the plant. It will be done over time,” Kelshall told Newsday in a phone call. He said he was still bound by confidentiality agreements, so could not much, including the value of the bid.

This is the second bid round for the plant. The first was in September 2017, but after months of waiting for approvals from relevant government authorities, the preferred bidder, Nu-Iron, a subsidiary of American steel giant Nucor, pulled out of the process. The new bid round began in January and ended in March.

Losing out was Macarri Steel Holdings Ltd, a consortium made up of local and international investors, including former steelworkers, who had petitioned to be allowed to bid and restart the plant. Speaking to Newsday this afternoon, director Unanan Persad confirmed the company’s bid – estimated to be US$27 million – was unsuccessful.

Newsday also spoke with Jai Leladharsingh, manager of the Couva-Point Lisas Chamber of Commerce, who said the organisation was not aware of who won the bid but welcomed any attempt to restart the mill. “We would be happy if the plant (restarted), earning foreign exchange for the country and hiring the former steelworkers. It would also stimulate economic activity in the Couva/California region.”

Source: https://newsday.co.tt/2019/05/01/former ... new-owner/

Wait, the 3 billion + that was dangled before the GORTT's eye, and caused them to frustrate the preferred bidder at the time, turned out to be naff? :lol: :lol: Like I said, these people couldn't run a sno cone cart.

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Re: 600 lose jobs at Arcelor Mital

Postby Defiant » May 2nd, 2019, 5:56 am

The bid to buy the plant and the purposed injection into the business to get it up and running would be different costs. It will be a gradual restart from DRI plants then meltshop, once up and running T&TEC should be in a gear.

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Re: 600 lose jobs at Arcelor Mital

Postby zoom rader » May 2nd, 2019, 6:58 am

As long as PNM and the union stay out of this it should be a money maker once again for both employer and employee.

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Re: 600 lose jobs at Arcelor Mital

Postby hydroep » May 2nd, 2019, 7:21 am

Hopefully this is good news for displaced workers.

Buh it just kinda funny how all these big wheels start turning as elections coming up eh? As someone said, timing is everything...:|

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Re: 600 lose jobs at Arcelor Mital

Postby pugboy » May 2nd, 2019, 7:27 am

Did mittal leave anything worth buying in the plant ?
How much stuff was stolen from the plant for scrap ?

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Re: 600 lose jobs at Arcelor Mital

Postby zoom rader » May 2nd, 2019, 7:31 am

hydroep wrote:Hopefully this is good news for displaced workers.

Buh it just kinda funny how all these big wheels start turning as elections coming up eh? As someone said, timing is everything...:|
Wait till former Petrotrin gets rolling and a billion barrel oil find on land

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Re: 600 lose jobs at Arcelor Mital

Postby De Dragon » May 4th, 2019, 2:23 pm

Defiant wrote:The bid to buy the plant and the purposed injection into the business to get it up and running would be different costs. It will be a gradual restart from DRI plants then meltshop, once up and running T&TEC should be in a gear.

I am aware of that :?
What makes the figure questionable is you came up with a bid, promised the moon and sky and still get blanked? The winning bidder simply stated that they will start back the plant, "over time," Maccari promised extensive expansion and re-employment.What is also peaking my attention is the local component of the successful bidder group.

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Re: 600 lose jobs at Arcelor Mital

Postby Joshie23 » May 5th, 2019, 9:55 am

De Dragon wrote:
Defiant wrote:The bid to buy the plant and the purposed injection into the business to get it up and running would be different costs. It will be a gradual restart from DRI plants then meltshop, once up and running T&TEC should be in a gear.

I am aware of that :?
What makes the figure questionable is you came up with a bid, promised the moon and sky and still get blanked? The winning bidder simply stated that they will start back the plant, "over time," Maccari promised extensive expansion and re-employment.What is also peaking my attention is the local component of the successful bidder group.


Pray tell more..this seems interesting.

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Re: 600 lose jobs at Arcelor Mital

Postby De Dragon » May 5th, 2019, 10:15 am

Joshie23 wrote:
De Dragon wrote:
Defiant wrote:The bid to buy the plant and the purposed injection into the business to get it up and running would be different costs. It will be a gradual restart from DRI plants then meltshop, once up and running T&TEC should be in a gear.

I am aware of that :?
What makes the figure questionable is you came up with a bid, promised the moon and sky and still get blanked? The winning bidder simply stated that they will start back the plant, "over time," Maccari promised extensive expansion and re-employment.What is also peaking my attention is the local component of the successful bidder group.


Pray tell more..this seems interesting.

From the Newsday
"Aeternus Steel Holdings, a joint venture between local company Integrus Group and Dubai investors Cassia Group, has won the bid for the now shuttered Arcelor-Mittal steel mill in Point Lisas"

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Re: 600 lose jobs at Arcelor Mital

Postby The_Honourable » May 16th, 2019, 8:32 pm

The steel plant in Pt Lisas may reopen

Prime Minister Dr Keith Rowley disclosed that there may be a restart of the ArcelorMittal steel plant.

Rowley also disclosed that he learnt this after meeting recently with investors.

He was speaking at the Parliament sitting on Monday during the debate on the mid-year budget review, presented by Finance Minister Colm Imbert earlier in the day.

“I can tell you, Madam Speaker, very recently I met with some local investors and others and the union and I am informed by them that they have been selected by the liquidator to restart some operations at the ArcelorMittal plant. It is their intention to restart the plant, they have to pay certain monies to accept the offer and so on and I am very happy to hear that and I hope for them and for Trinidad and Tobago that it works out. I hope that we could restart the business at Point Lisas because more business is good business for all the people of Trinidad and Tobago. But I can’t speak for them because that’s a matter between the liquidator and the private sector investment and interestingly enough the union is on board,” he said.

In wishing them well the PM said the company will get the same support like the last company received.

Earlier this month, a newspaper reported that a joint venture between a local company and a group of Dubai investors had won the bid to buy the ArcelorMittal steel mill in Point Lisas.

In March 2016, ArcelorMittal closed down its steel plant at Point Lisas, after adopting a policy of temporary lay-offs during the last four months. An estimated 644 workers lost their jobs as a direct result of the steel plant’s closure and hundreds more were impacted.

ArcelorMittal, which is headquartered in Luxembourg City, attributed the decision to close the facility to the fall in the world market price of steel and the possible increase in the price of gas and electricity.

The multinational company was formed in 2006 from the takeover and merger of Arcelor by Indian-owned Mittal Steel, which is chaired by Lakshmi Mittal.

Mittal was first involved in T&T when he leased and then purchased the Iron and Steel Company of T&T (ISCOTT) in 1989.

ArcelorMittal is reported to be the world’s largest steel producer, with an annual crude steel production of 92.5 million metric tonnes as of 2018.

Source: https://www.trinidadexpress.com/news/lo ... 6bac4.html

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Re: 600 lose jobs at Arcelor Mital

Postby computercentral » May 17th, 2019, 7:49 am

Great is the pnm

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Re: 600 lose jobs at Arcelor Mital

Postby zoom rader » May 17th, 2019, 9:18 am

computercentral wrote:Great is the pnm
PNM has nothing todo about this

It's all a private affair.

Only the consumption of fuel will PNM dictate.

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Re: 600 lose jobs at Arcelor Mital

Postby Dizzy28 » May 17th, 2019, 9:42 am

Was their any truth to the foreign investment licence of the other bidder being intentionally witheheld though MAD (maximum administrative delay) causing the winning bid to occur??

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Re: 600 lose jobs at Arcelor Mital

Postby zoom rader » May 17th, 2019, 5:25 pm

Dizzy28 wrote:Was their any truth to the foreign investment licence of the other bidder being intentionally witheheld though MAD (maximum administrative delay) causing the winning bid to occur??
Can't say , only PNM ppl know that answer.

Could be true where some PNM person has shares in the bidding company.

PNM don't have any real input where a private sale is concerned.

It's like I selling my car to you and LO say it have to go over the pit and then approve if the car fit for the road. That's the only input PNM have in this deal.

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Re: 600 lose jobs at Arcelor Mital

Postby De Dragon » May 20th, 2019, 5:25 pm

Dizzy28 wrote:Was their any truth to the foreign investment licence of the other bidder being intentionally witheheld though MAD (maximum administrative delay) causing the winning bid to occur??

Yes. After 5 bids, and endless delays, and expenses incurred, the bid was actually scrapped :roll: . The preferred bidder from the first round did not even resubmit a bid. Funnily enough, it was Maccari who seemed to derail the initial bidders attempt to acquire the facility.

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Re: 600 lose jobs at Arcelor Mital

Postby The_Honourable » August 28th, 2019, 4:17 pm

Maccari optimistic about Pt Lisas steel plant

Image
Director, Macarri Steel Unanan Persad

MACCARI Steel Holdings Ltd remains optimistic that it will be successful in its bid to restart, rehabilitate and operate the former Arcelor Mittal plant in Point Lisas.

Maccari investor Unanan Persad expressed this optimism on Wednesday.

The plant was closed in March 2016, beginning liquidation proceedings soon after to pay off its reported $1.3 billion debt. Most of this debt was owed to its parent, the ArcelorMittal group, which is based in Luxembourg.

Persad said the plant was first sold to NuCor last year for US$20 million. But he added that NuCor was not using the plant in its entirety and eventually withdrew. He thanked the Government for not granting a commercial licence to NuCor because it was not going to use the entire plant.

But Persad said the Government indicated it could not intervene because this was a private matter.

After NuCor withdrew, Persad said, Maccari submitted a US$27 million bid for the plant. In May, Maccari came in second to Aeternus Steel Holdings Ltd, a joint venture between local company Integrus Group and Dubai investors Cassia Group, with a bid of US$41 million for the plant.

Persad said Aeternus also withdrew because it was not using the entire facility.

He said liquidator Christopher Kelshall approached Maccari to find out if it was still interested in the steel plant. Maccari demonstrated its continued interest with a US$180 million offer to restart, rehabilitate and operate the plant. This information was contained in a letter sent to Kelshall on June 18.

"The ball is now in the liquidator's court," Persad said.

He claimed the liquidator refused this offer and "has decided to end the bidding process altogether for one that he has not yet explained."

Kelshall could not be contacted for comment.

Persad said Maccari, a consortium made up of local and international investors, including former steelworkers, will be meeting with business chambers to discuss its plans for the plant. He added that if the plant can brought back into operation, it would be a major shot in the arm for the economy. Persad also said Maccari has started a campaign on social media to highlight what is going on with the plant.

In a statement circulating on social media, Steel Workers Union of TT president Christopher Henry confirmed Persad's statements. Henry said he was aware that Maccari had assembled "an exceptional group of engineers and technicians with considerable experience in the steel industry" in its bid to restart the plant. The resumption of the plant's operations, Henry continued, will benefit Couva, California and the surrounding communities.

He called on the Government to pay attention to what was happening in the liquidation process and the Couva and Point Lisas Chambers of Commerce to bring all the parties together to resolve this matter.

Source: https://newsday.co.tt/2019/08/28/maccar ... eel-plant/

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Re: 600 lose jobs at Arcelor Mital

Postby Country_Bookie » August 28th, 2019, 5:05 pm

Is this the same Unanan Persad who used to be in politics? I can't remember the exact story but I recall some big bachannal when Panday had kick him out of UNC. Could have been 15 -20 years ago.

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