Geneva DryPort of StocktonTelestackCimbriaBühler GmbHTMS Awards 2023
  • Sailors Society
  • Telestack
  • Port of South Louisiana
  • Geneva Dry
  • TMS Awards 2023
  • Port of Stockton

ArcelorMittal’s revised proposal for Essar Steel acquisition

ArcelorMittal’s revised proposal for Essar Steel acquisition

(Posted on 14/09/18)

In response to media speculation, ArcelorMittal has confirmed that on 10 September 2018, it submitted a revised proposal to Essar Steel India Limited’s (ESIL) Committee of Creditors for the acquisition of ESIL. The Company can also confirm that media reports speculating on the financial value of the revised offer are broadly accurate.

The revised offer, which also includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, therefore represents unprecedented value to all concerned creditors. Through the revised offer ArcelorMittal demonstrates its serious commitment to India, creditor banks and all ESIL’s stakeholders.

The Company believes ESIL provides it with a compelling opportunity to enter the high-growth Indian steel market and, should it prove successful with the proposed acquisition, ESIL will add significant strategic value to the group’s business.

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries. They 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.

In 2017, ArcelorMittal had revenues of $68.7 billion and crude steel production of 93.1 million metric tonnes, while own iron ore production reached 57.4 million metric tonnes.

Latest News

ADM and Bayer collaboration help farmers achieve lower carbon emissions

(Posted on 19/06/24)

 ADM and Bayer have announced an extension of their collaboration, working with farmers in a bid... Read more


US House appropriations bill includes reinstatement of NASS reports

(Posted on 14/06/24)

A House appropriations subcommittee in the USA has approved its Fiscal Year 2025 bill that includes... Read more


Rio Tinto to acquire Mitsubishi’s stake in Boyne aluminium smelter

(Posted on 14/06/24)

Rio Tinto has agreed to acquire Mitsubishi Corporation’s 11.65% interest in Boyne Smelters Ltd... Read more


Richards Bay Minerals’ renewable energy agreement

(Posted on 07/06/24)

Richards Bay Minerals (RBM) has signed a renewable power purchase agreement (PPA) with Khangela Emoyeni... Read more


Trafigura half year result show core business strength

(Posted on 07/06/24)

Trafigura Group Pte Ltd, a market leader in the global commodities industry, has released its 2024 Half... Read more


New Zealand aluminium smelter’s future secured with power deals

(Posted on 01/06/24)

New Zealand Aluminium Smelters (NZAS) has signed 20-year electricity arrangements that secure the future... Read more


NGFA statement on farm bill advanced by House Ag Committee

(Posted on 31/05/24)

The House Agriculture Committee in the USA have advanced a farm bill that includes several important... Read more


Rio Tinto and BHP collaborate on electric trucks in the Pilbara

(Posted on 28/05/24)

In an industry first, Rio Tinto and BHP will collaborate on the testing of large battery-electric haul... Read more


KEZAD signs lease agreement with Ducab Metals Business

(Posted on 28/05/24)

KEZAD Group, the largest operator of integrated and purpose-built economic zones, and Ducab Metals Business... Read more


Anglo American simplifies portfolio of copper, premium iron ore and crop nutrients assets

(Posted on 22/05/24)

Anglo American plc is setting out a clear, compelling and decisive plan to unlock significant value... Read more


Sailors SocietyViganVan AalstTBA GroupPort of South Louisiana
  • Bühler GmbH
  • Vigan

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping