ArcelorMittal SA, the world\u2019s largest steelmaker, said on Friday it would form a joint venture with Japan\u2019s Nippon Steel & Sumitomo Metal Corp to bid for bankrupt steelmaker Essar Steel India Ltd.<\/p>\n
The joint venture is the steelmaker\u2019s latest attempt to crack the world\u2019s fastest growing steel market, where it has struggled to make inroads due to bureaucratic delays despite trying for close to a decade.<\/p>\n
ArcelorMittal is in the final stages of signing a deal with India\u2019s state-run SAIL, with which it first signed a preliminary understanding in 2015 to jointly produce 1.2 million tonnes of automotive steel a year, but disagreements over commercial terms had delayed the venture.<\/p>\n
The company said it submitted a plan on Feb. 12 to India\u2019s National Company Law Tribunal, which deals with insolvency and company disputes, to bid for Essar Steel in partnership with Nippon Steel.<\/p>\n
Essar Steel was among a dozen of India\u2019s biggest debt defaulters that were pushed to bankruptcy court last year after a central bank order aimed at clearing $147 billion in bad loans at the nation\u2019s banks choked lending.<\/p>\n
ArcelorMittal sold its entire stake in India\u2019s Uttam Galva Steels to the company\u2019s founders at less than the market price of the stock, a member of Uttam Galva\u2019s founding Miglani family told Reuters last month.<\/p>\n
The sale could free ArcelorMittal to bid for other Indian steel assets which are being auctioned off as part of insolvency proceedings.<\/p>\n
\u201cPartnering with NSSMC for Essar Steel was always our intention and adds further strength to our offer,\u201d said ArcelorMittal\u2019s India born Chief Executive Lakshmi Mittal.<\/p>\n","protected":false},"excerpt":{"rendered":"
ArcelorMittal SA, the world\u2019s largest steelmaker, said on Friday it would form a joint venture with Japan\u2019s Nippon Steel & Sumitomo Metal Corp to bid for bankrupt steelmaker Essar Steel India Ltd. The joint venture is the steelmaker\u2019s latest attempt to crack the world\u2019s fastest growing steel market, where it has struggled to make inroads […]<\/p>\n","protected":false},"author":1,"featured_media":23634,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-23633","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\/23633","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=23633"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23633\/revisions"}],"predecessor-version":[{"id":23635,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/23633\/revisions\/23635"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/23634"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=23633"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=23633"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=23633"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}