Arcelor Mittal to sell off Polish steel unit
Kolkata: Arcelor Mittal has decided to sell off Huta Bankowa, a steel unit in Poland to Alchemia SA Capital group. This is the third such sale of a production unit by the company in Europe and it is aimed at satisfying the directive of the European Commission at the time of the merger betyween Arcelor and Mittal Steel last year. The sale of three units has been completed at total consideration of $ 1-billion.

Huta Bankowa, a 100 pc subsidiary of Arcelor Mittal, is located in southern Poland. The business comprises three main divisions: a rolling mill, with production capacity of 150,000 tonnes, a forged rings department with production capacity of 26,000 tonnes and a service centre, an Arcelor Mittal statement said. The company is a specialised producer of merchant bars and sections. For selected products, Huta Bankowa is only producer in Poland and has 750 employees.
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Motorola to cut 3,500 jobs
New York: Motorola Inc. plans to cut 3,500 jobs and save $400 million, to return its operating margin to a double-digit percentage level in the second half of 2007.

Shares in Motorola, the world's second-biggest mobile phone maker, rose 3 percent after executives outlined the plan and said 2007 revenue estimates could beat Wall Street estimates.

Motorola said it would cut its workforce by 5 percent globally, including middle management. Along with the job cuts, Motorola said it expects to reduce the cost of making phones.
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GE suffers from poor performance of GE Industrial
Boston: General Electric Co. said that though fourth-quarter profit rose at all its units, the company has suffered from the poor performance by its GE plastics.

The conglomerate said it may put the plastics unit up for sale. It said it had overstated past earnings dating back to 2001 by a total of $343 million as a result of flawed accounting for GE. Fourth-quarter net income of the company totaled $6.58 billion, or 64 cents per share, compared with $3.16 billion, or 30 cents per share, a year earlier. GE the world's second-largest company by market capitalization after Exxon Mobil Corp., said revenue rose 11 percent to $44.62 billion.

Profit at the industrial unit, which in addition to plastics makes products including light bulbs and appliances, fell 12 percent to $673 million.
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