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ArcelorMittal, VTB Group Are Said to Compete for Essar Steel [Bloomberg Business News]

ARCELORMITTAL (MT)  More Company Research Source: Bloomberg Business News
Last arcelormittal earnings: 1/31 01:01 am Check Earnings Report
US:NYSE Investor Relations: corporate.arcelormittal.com/investors
PDF By George Smith Alexander More stories by George Smith Alexander and Swansy Afonso Updated on Distressed producer could fetch at least $6 billion valuation ArcelorMittal considers making all-cash offer for Indian firm ArcelorMittal is competing with a consortium led by Russia’s VTB Group as bids come in for Essar Steel India Ltd. , the largest distressed steelmaker being sold under the country’s insolvency process, people with knowledge of the matter said. An Indian unit of ArcelorMittal, the world’s biggest producer of the alloy, submitted an offer by the Monday deadline, it said in a statement Monday. Essar Steel could fetch a valuation of at least $6 billion in a sale, the people said, asking not to be identified because the information is private. A new Indian bankruptcy law designed to clear out distressed companies has set off [Read more]

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