Exclusive: JSW Steel plans bid for ArcelorMittal's Romanian plant [Reuters]
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Source: Reuters
Exclusive: JSW Steel plans bid for ArcelorMittal's Romanian plant | Reuters 4 Min Read LONDON/MUMBAI (Reuters) - India’s biggest steelmaker JSW Steel ( JSTL.NS ) is expected to make a bid for ArcelorMittal’s ( MT.AS ) Galati plant in Romania, three sources told Reuters, potentially competing against Ukraine’s Metinvest and Italy’s Marcegaglia. ArcelorMittal, the world’s biggest steelmaker, has had to put six European assets up for sale to get approval from European competition authorities for its purchase of Italy’s giant Ilva plant. Analysts at investment bank Jefferies estimate the combined value of the assets up for sale is $752-940 million and Galati, the country’s biggest steel plant employing about 5,600 people, is the largest of those assets. Bank of America-Merrill Lynch is handling the sale, which it aims to complete by the end of 2018. According to the European Commission, ArcelorMittal has agreed to provide an undisclosed amount of financing to the buyer of Galati to en
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