Indian Supreme Court Approves Arcelormittal's Acquisition Of Essar Steel

Date : 11/18/2019 @ 7:30AM
Source : Dow Jones News
Stock : ArcelorMittal (MT)
Quote : 8.337  -0.358 (-4.12%) @ 4:40PM
ArcelorMittal share price Chart

Indian Supreme Court Approves Arcelormittal's Acquisition Of Essar Steel

Arcelor Mittal (NYSE:MT)
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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)

Copyright (c) 2019 Dow Jones & Company, Inc.
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