PARIS Steelmaker ArcelorMittal said on Thursday that an EU pilot project central to its deal with the government to save jobs at a site in northwestern France was not viable today for technical reasons, but it was not permanently ditching the scheme.
ArcelorMittal (ISPA.AS) earlier withdrew its application for the ULCOS project, which the government hoped could ensure a future for two idled blast furnaces at the Florange site.
"(This) is perfectly coherent with what is in the agreement signed with the French government," ArcelorMittal said in a statement after the European Commission said it had pulled its bid for ULCOS. "This in no way means the ULCOS project is being abandoned." (Reporting by Catherine Bremer; editing by Daniel Flynn)
Strong demand for Samsung's Galaxy Note 7 tests supply chain
SEOUL Better-than-expected demand for Samsung Electronics Co Ltd's new Galaxy Note 7 is causing supply constraints globally, the South Korean tech giant said on Wednesday, suggesting strong initial sales for the new premium smartphone.
China cracks down on peer-to-peer lending to curb illegal activities
BEIJING China's banking regulator issued tough new rules on Wednesday to tighten regulation of the country's $60 billion peer-to-peer lending sector, which has been dogged by scandals and fraud.
As China e-commerce booms, private equity sees room for growth in storage space
HONG KONG When U.S. private equity heavyweight Warburg Pincus started looking at China's logistics sector in late 2009, there were more modern warehouses in Boston than in the whole of the world's most populous country.