Indian Supreme Court approves ArcelorMittal’s acquisition of Essar Steel
November 18 2019 - 2:00AM
Indian Supreme Court approves ArcelorMittal’s acquisition of Essar
Steel
18 November 2019 08:00 CET
ArcelorMittal announces that, following receipt
and review of the formal written order, ArcelorMittal India Private
Limited’s (‘AMIPL’) resolution plan for Essar Steel India Limited
(‘ESIL’) has been unconditionally approved by the Indian Supreme
Court. Supreme Court approval of AMIPL’s resolution plan is the
final procedural step in ESIL’s corporate insolvency process.
Completion of the transaction is now expected
before the end of the year. After completion, ArcelorMittal will
jointly own and operate ESIL in partnership with Nippon Steel
Corporation (‘Nippon Steel’), Japan’s largest steel producer and
the third largest steel producer in the world, in-line with the
joint venture formation agreement signed by the two companies.
ENDS
About
ArcelorMittal ArcelorMittal is the
world's leading steel and mining company, with a presence in 60
countries and an industrial footprint in 18 countries. Guided by a
philosophy to produce safe, sustainable steel, we are the leading
supplier of quality steel in the major global steel markets
including automotive, construction, household appliances and
packaging, with world-class research and development and
outstanding distribution networks. Through our core values of
sustainability, quality and leadership, we operate responsibly with
respect to the health, safety and wellbeing of our employees,
contractors and the communities in which we operate. For us,
steel is the fabric of life, as it is at the heart of the modern
world from railways to cars and washing machines. We are actively
researching and producing steel-based technologies and solutions
that make many of the products and components people use in their
everyday lives more energy efficient. We are one of the
world’s five largest producers of iron ore and metallurgical coal.
With a geographically diversified portfolio of iron ore and coal
assets, we are strategically positioned to serve our network of
steel plants and the external global market. While our steel
operations are important customers, our supply to the external
market is increasing as we grow. In 2018, ArcelorMittal had
revenues of $76.0 billion and crude steel production of 92.5
million metric tonnes, while own iron ore production reached 58.5
million metric tonnes. ArcelorMittal is listed on the stock
exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg
(MT) and on the Spanish stock exchanges of Barcelona, Bilbao,
Madrid and Valencia (MTS). For more information about ArcelorMittal
please visit: http://corporate.arcelormittal.com/ |
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ArcelorMittal Corporate Communications |
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Paul Weigh |
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