Steel Mills
October 26, 2018
ArcelorMittal, NSSMC Approved to Purchase India's Essar Steel
Written by Sandy Williams
Joint partners ArcelorMittal and Nippon Steel & Sumitomo Metal Corp. have been approved by creditors to acquire Essar Steel India Limited (ESIL) for an upfront payment of 42,000 crore rupees and investment of 8,000 crore rupees to improve operations (about $5.7 billion and $1.1 billion in U.S. dollars).
ESIL, an integrated flat steel producer, is the largest steel company in western India with an annual crude steel production of 6.5 million metric tons. ESIL also owns iron ore pellet facilities in east India with a current annual capacity of 14 million metric tons.
