ArcelorMittal Declares Conclusion of Essar Steel Acquisition

SEATTLE (Scrap Monster): ArcelorMittal announced that it has completed the acquisition of troubled assets of Essar Steel India Limited (ESIL). It also announced the establishment of ArcelorMittal Nippon Steel India Limited, which will own and operate ESIL. ArcelorMittal holds 60% interest in the JV, whereas the remaining 40% is held by Nippon Steel Corporation. The joint venture will be chaired by Aditya Mittal, President and CFO of ArcelorMittal.

Commenting on the development, Lakshmi Mittal, Chairman and CEO, ArcelorMittal noted that the combined strengths and technologies of the company along with Nippon Steel will positively contribute to India’s ambitious goal to achieve steelmaking capacity of 300 million tonnes per annum by 2030.

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Meantime, Eiji Hashimoto, Representative Director and President of Nippon Steel expressed confidence that the joint venture project will play a significant role in the development of India’s steel industry.

The INR 42,000 crore acquisition of Essar Steel had received clearance of Supreme Court of India last month.