New Delhi,
\nGlobal steel major ArcelorMittal today said it has submitted an offer for debt-laden Essar Steel, which is undergoing insolvency proceedings. The last date to submit bids was closing today.<\/p>\n
ArcelorMittal India Private Limited (AMIPL), a subsidiary of Luxembourg-based ArcelorMittal, has submitted an offer for Essar Steel India Limited (Essar), the Indian steel company, in line with the corporate insolvency resolution process for Essar.<\/p>\n
\u201cIn its offer, AMIPL set out a detailed industrial plan for Essar aimed at improving its performance and profitability and ensuring it can participate in the anticipated growth of steel demand in India. It also highlights the extensive experience and track record of the group in the successful acquisition and integration of under-performing assets, which AMIPL believes would be of considerable value to Essar,\u201d the Luxembourg-based firm said.<\/p>\n
Essar would also have access to the deep bench of technical expertise and knowledge from across the group which is unparalleled in the steel industry, it added.<\/p>\n
Lakshmi Mittal, Chairman and CEO, ArcelorMittal, said Essar provides a compelling opportunity for ArcelorMittal to enter the high growth Indian steel market. The offer submitted today by AMIPL includes a detailed investment plan to address operational issues in Essar\u2019s existing asset base.<\/p>\n
\u201cWith our industry expertise and renowned operating prowess, we believe we are uniquely equipped to implement a successful turnaround which would be beneficial to Essar\u2019s stakeholders,\u201d he said.<\/p>\n
Aditya Mittal, Group CFO and CEO ArcelorMittal Europe, said: \u201cThis opportunity aligns with the group\u2019s strategy of selectively investing in attractive projects to maximise long-term shareholder value.<\/p>\n","protected":false},"excerpt":{"rendered":"
New Delhi, Global steel major ArcelorMittal today said it has submitted an offer for debt-laden Essar Steel, which is undergoing insolvency proceedings. The last date to submit bids was closing today. ArcelorMittal India Private Limited (AMIPL), a subsidiary of Luxembourg-based ArcelorMittal, has submitted an offer for Essar Steel India Limited (Essar), the Indian steel company, […]<\/p>\n","protected":false},"author":1,"featured_media":21834,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-21833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/21833","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=21833"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/21833\/revisions"}],"predecessor-version":[{"id":21835,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/21833\/revisions\/21835"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/21834"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=21833"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=21833"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=21833"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}