Indian Supreme Court Approves Arcelormittal's Acquisition Of Essar Steel
November 18 2019 - 2:30AM
Dow Jones News
TIDMMT
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/
Contact information ArcelorMittal
Investor Relations
Europe +44 20 7543 1156
Americas +1 312 899 3985
Retail +44 20 7543 1156
SRI +44 207543 1156
Bonds/Credit +33 171 921 026
Contact information ArcelorMittal
Corporate Communications
mailto:press@arcelormittal.com
E-mail: press@arcelormittal.com
--------------------------------
Phone: +442076297988
ArcelorMittal Corporate Communications
Paul Weigh +44 20 3214 2419
India - Brunswick
Khozem Merchant / Azhar Khan +91 9167883290
(END) Dow Jones Newswires
November 18, 2019 02:15 ET (07:15 GMT)
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