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Arcelor Mittal Signs JV To Acquire Essar Steel et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Mar 3, 2018 12:00 PM 2 min read

End of Day Wrap-up (Saturday / March 03, 2018) #ArcelorMittal #NitiAayog #Brexit #Netflix #Spotify #import #Trump #tariff #steel #aluminium #Transfin

Editor's comment: ArcelorMittal signs JV with Japan's Nippon Steel & Sumitomo Metal Corporation in a bid to acquire Essar Steel. Eligibility to be set in meeting scheduled on March 5.

NITI Aayog recommends a more liberal trade and investment policy for gold including reduction of import duties, replace sovereign gold bonds with gold saving accounts, revamp of gold monetisation scheme, setup of domestic Gold Council in line with the Export Promotion Council, treat only investment buying of gold as non-productive etc.


UK PM Theresa May suggests a custom Brexit deal including acceptance of EU regulations for select sectors (e.g. Chemicals, Medicines, Aerospace etc.) and proposing continued access to EU financial markets. May also suggested mirroring EU requirements on non-EU imports arriving in Britain and Northern Ireland destined for rest of Europe. EU members accuse UK of cherry-picking.


US import tariffs on steel and aluminium suspected to hit Canada hard which accounts for 16% of all US steel imports and 41% of aluminium imports. Canadian economy already in slowdown with Q4 GDP growth at 1.7% vs. 4% growth exhibited earlier.


Netflix share price hits record high valuing the company at $131bn, bringing it close to media powerhouses like Disney ($155bn) and Comcast ($170bn). Netflix added 8.3m in its latest quarter beating market estimates amounting to 6.3m.


Spotify to list on NYSE in the coming week expected to be valued at $20bn. Swedish company has 159m active users with 71m paying monthly subscriptions.