Steel Products
March 2, 2018
ArcelorMittal, Nippon Team Up to Rescue Essar Steel India
Written by Tim Triplett
ArcelorMittal (AM) and Nippon Steel & Sumitomo Metal Corp. (NSMMC) have teamed up to acquire and operate financially troubled Essar Steel India Ltd. (ESIL). The joint venture is still subject to regulatory approval.
ESIL operates one of India’s largest integrated mills with annual capacity of 10 million tons. It manufactures hot rolled, cold rolled and galvanized steel products in flat roll, plates and pipes, which are sold through its domestic sales channels. It also owns an iron ore mine in eastern India. The company is in bankruptcy proceedings.
