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.
BHP has released the world’s first bulk carrier tender for LNG-fuelled transport for up to 27... Read more
German Coal Importers Association e. V. (VDKi), which represents the interests of the imported hard... Read more
ArcelorMittal has announced that it completed the sale to Liberty House Group of several steelmaking... Read more
Cargill and InnovaFeed have entered into a strategic partnership to bring sustainable and innovative... Read more
With the goal of engaging a broad array of global ethanol leaders about the benefits of expanding... Read more
The International Fertilizer Association welcomes the FAO Code of Conduct, which was officially approved... Read more
Dame Moya Greene has notified the Board of her intention to step down as a non-executive director of... Read more
RUSAL, one of the leading global aluminium producers, is launching a potroom control system as part... Read more
Hill Dickinson has announce the strategic acquisition of two partners for its growing commodities team... Read more
BHP and Mitsubishi Development Pty Ltd have signed an MOU agreement to work together in the pursuit... Read more