• Sunday, August 14, 2022

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ArcelorMittal Emerges As Preferred Bidder for India’s Essar Steel

The world’s biggest steel producer is on a legal battle with other bidders, especially the Russian VTB Bank-backed NuMetal to take over Essar Steel (Photo: JEAN-CHRISTOPHE VERHAEGEN/AFP/Getty Images).

By: Radhakrishna N S

Lakshmi Mittal owned steel giant ArcelorMittal said on Friday (19) that it has been selected by the Committee of Creditors as a preferred bidder for the debt-ridden Indian firm, Essar Steel. The world’s biggest steel producer is on a legal battle with other bidders, especially the Russian VTB Bank-backed NuMetal to take over Essar Steel. “ArcelorMittal confirms it has been informed by the Committee of Creditors (CoC) for Essar Steel India Limited (ESIL) that it has been evaluated to be the H1 Resolution Applicant (the preferred bidder) in the corporate insolvency resolution process for ESIL,” ArcelorMittal said in a statement.…

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