ArcelorMittal, Nippon Steel chosen as final bidders for India's Essar Steel [Reuters]
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Source: Reuters
ArcelorMittal, Nippon Steel chosen as final bidders for India's Essar Steel | Reuters 4 Min Read MUMBAI/TOKYO (Reuters) - Creditors of Essar Steel India Ltd have approved a joint offer by ArcelorMittal SA and Japan’s Nippon Steel & Sumitomo Metal Corp as the final bid for the debt-laden asset, ArcelorMittal said in a statement on Friday. This paves the way for the two companies to take control of the 10 million tonne-per-year Essar Steel plant, marking the first participation of global steel majors in the fast-growing Indian steel market without a local partner. ArcelorMittal and Nippon Steel said they have already drawn up plans to double output of the unit in the coming years. “A long-term aspiration (is) to increase finished steel shipments to 12-15 million tonnes through the addition of new iron and steelmaking assets,” ArcelorMittal said. Essar Steel’s mill in the western state of Gujarat is currently operating at 6.5 million tonnes a year due to constraints from iron ore supply
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- ArcelorMittal S.A.: ArcelorMittal publishes its 2023 Integrated Annual ReviewGlobeNewswire
- U.S. Department of Energy announces financial support for ArcelorMittal's anticipated World-Class Electrical Steel facility in Alabama [Yahoo! Finance]Yahoo! Finance
- ArcelorMittal S.A. (NYSE: MT) had its "hold" rating re-affirmed by analysts at Deutsche Bank Aktiengesellschaft. They now have a $31.00 price target on the stock, down previously from $34.00.MarketBeat
- ArcelorMittal's Irina Gorbounova Joins CHAR Tech Board of Directors [Yahoo! Finance]Yahoo! Finance
- ArcelorMittal's Irina Gorbounova Joins CHAR Tech Board of Directors [Financial Post (Toronto, Ontario, Canada)]Financial Post
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