ArcelorMittal has received a reprieve in its court fight over patent infringement for lightweight steel and Novelis reported a first quarter drop in profits.
ArcelorMittal Patent Infringement Actions Revived
A lightweight steel patent at the center of three separate infringement lawsuits filed by ArcelorMittal, the world’s largest steel company, against competitors AK Steel Corp. and two others should not have been canceled outright, a US appeals court said this week.
In a partial victory for Luxembourg-based ArcelorMittal and its attorney Constantine Trela of Sidley Austin, the US Court of Appeals for the Federal Circuit revived two claims of the company’s reissued patent, although it affirmed Delaware US District Judge Sue Robinson’s ruling invalidating the rest.
Novelis Reports a Profit Drop
Novelis, Inc., the world’s largest recycler of aluminum, reported a nearly 50% drop in its net profit at $29 million compared to $54 million in the corresponding quarter of previous financial year.
Its earnings before interest, taxes, depreciation, and amortization (EBITDA) or gross profit was $222 million compared to $250 million in the previous financial year.
Analysts say lower volumes led to lower operating profit for the company. Europe accounted for 75% of the decline in its operating profit, analysts say.