ArcelorMittal buys fourth-largest player in the Indian market

ArcelorMittal, the world's largest mining and smelting concern, has become the main contender for the purchase of the bankrupt company Essar Steel, the fourth largest player in the Indian market, with capacities for smelting 10 million tons of steel per year.

The Essar Steel creditor committee on October 21 gave preference to the British billionaire Lakshmi Mittal group after it agreed to pay $ 1.01 billion of debt in related companies Uttam Galva Steels and KSS Petron - in addition to 5.8 billion dollars directly for Essar assets .

The main competitor, the Numetal consortium, which includes the Russian state-owned bank VTB and the Indian corporation JSW Steel, was willing to pay 5.1 billion dollars. The Indian group Vedanta, which is currently represented in the non-ferrous metallurgy and iron ore industry - slightly less than 4.7 billion.

Now the parties are finalizing the details of the deal during the negotiations. In case of their success, ArcelorMittal asset management partner Essar will become Japan’s largest steel producer Nippon Steel & Sumitomo Metal Corp. Its vice president Katsuhiro Miyamoto stated back in August that the NSSMC views India as the most promising market and wants to expand its presence there.
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