ViganVan AalstTelestackPort of StocktonSailors SocietyBühler GmbH
  • Cleveland Cascades Ltd
  • Port of South Louisiana
  • Sailors Society
  • TMS Awards 2021
  • Port of Stockton
  • TOC Events

Essar acquisition completed

Essar acquisition completed

(Posted on 20/12/19)

ArcelorMittal has announced that it has today completed the acquisition of Essar Steel India Limited (‘ESIL’), and simultaneously established a joint venture with Nippon Steel Corporation (‘Nippon Steel’), called ArcelorMittal Nippon Steel India Limited (‘AM/NS India’), which will own and operate ESIL. ArcelorMittal holds 60 per cent of AM/NS India, with Nippon Steel holding the balance.

Aditya Mittal, President and CFO of ArcelorMittal, has been appointed Chairman of AM/NS India, and Dilip Oommen has been appointed AM/NS India’s CEO.

Commenting, Lakshmi Mittal, Chairman and CEO of ArcelorMittal, said: “The acquisition of Essar Steel is an important strategic step for ArcelorMittal. India has long been identified as an attractive market for our company and we have been looking at suitable opportunities to build a meaningful production presence in the country for over a decade. Both India and Essar’s appeal are enduring. Essar has sizeable, profitable, well-located operations and the long-term growth potential for the Indian economy and therefore Indian steel demand are well known. The transaction also demonstrates how India benefits from the Insolvency and Bankruptcy Code, a genuinely progressive reform whose positive impact will be felt widely across the Indian economy.

“We are also delighted to be embarking on this together with Nippon Steel, with whom we have a trusted, long-term relationship. Our combined strengths and technology will bring many new opportunities which will allow us to make a positive contribution to India’s target to grow steelmaking capacity to 300 million tonnes per annum by 2030, and for its manufacturing sector more broadly.”

Eiji Hashimoto, Representative Director and President of Nippon Steel, said: “AM/NS India manufactures flat steel, steel plates and steel pipes mainly at its integrated steel mill with nominal crude steel production capacity of 9.6 million tonnes per year in India, one of the most promising steel markets in the world. The company also has a wide-ranging domestic sales network and manufacturing plants in east India producing pellets, a raw material of steel.

“Nippon Steel and ArcelorMittal will bring out AM/NS India’s potential by providing it with their respective business experience and world-leading advanced technologies, so as to promptly implement the resolution plan and realise its further business expansion. I am confident that AM/NS India will play a significant role in the development of India’s steel industry, as one of its participants.

“For years Nippon Steel has been making direct investments in many countries, including Brazil, the United States, China and ASEAN countries, in areas where we can take advantage of our advanced technology contributing steadily to the industrial development and the enhancement of the self-sufficiency in each host country. We will strive to establish a prominent presence in India, conforming with its policy to increase domestically-produced steel products.”

Latest News

En+ first Russian company with UN recognised Energy Compact

(Posted on 07/12/21)

En+ Group, the world’s largest producer of low carbon aluminium, has received confirmation from... Read more


Copper Mark for BHP’s Olympic Dam, Spence and Escondida

(Posted on 30/11/21)

BHP’s Chilean operations Escondida and Spence, and Olympic Dam in Australia, have been awarded... Read more


Evolution to acquire Ernest Henry Mining from Glencore

(Posted on 25/11/21)

Glencore and Evolution Mining Limited (Evolution) have entered into a binding agreement for the sale... Read more


Increased investment for low-carbon AP60 aluminium production

(Posted on 18/11/21)

Rio Tinto is investing US$87 million to increase its low-carbon aluminium production in Canada with... Read more


Production of products from aluminium-scandium alloy launched

(Posted on 18/11/21)

RUSAL, a leading global aluminium producer, together with KUMZ, has successfully launched the production... Read more


Top-line regional growth and end-markets drives Schenck Process profit

(Posted on 11/11/21)

Driven by sustained market recovery and further progress in the implementation of its strategic agenda... Read more


Kamoa Copper reaches new monthly record

(Posted on 08/11/21)

Chairman of the Board, Ben Munanga and Chief Executive Officer, Mark Farren have announced that Kamoa... Read more


Global ag companies to accelerate towards net-zero emissions

(Posted on 02/11/21)

Ten of the world’s biggest global agricultural trading and processing companies have issued a... Read more


Low-carbon aluminium key ingredient for Japan’s growth

(Posted on 28/10/21)

En+ Group, together with its metals segment, RUSAL, has published research that stresses the critical... Read more


Rio Tinto and Carbfix partner for carbon capture and storage

(Posted on 28/10/21)

Rio Tinto and Carbfix are partnering to implement a technology for capturing carbon and permanently... Read more


Port of South LouisianaThe Wolfson Centre for Bulk Solids Handling Technology Cleveland Cascades LtdTMS Awards 2021TBA GroupCoaltrans Asia 2021
  • TBA Group
  • Telestack
  • Cimbria
  • Coaltrans Asia 2021
  • The Wolfson Centre for Bulk Solids Handling Technology

Subscribe to our newsletter

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