Global steel giant ArcelorMittal has announced that its subsidiary ArcelorMittal India Private Limited (AMIPL) has submitted an offer in the rebidding process for bankrupt Indian steelmaker Essar Steel India Limited (Essar Steel) in connection with the joint venture between ArcelorMittal and the world's second biggest steelmaker Japan-based Nippon Steel & Sumitomo Metal Corporation (NSSMC) to jointly acquire and manage Essar Steel.
Lakshmi Mittal, chairman and CEO of ArcelorMittal, stated that together with NSSMC, they are confident they have made a strong and competitive offer, adding that at the heart of this offer is a compelling industrial plan that enhances and transforms the asset of Essar Steel. According to Mr. Mittal, ArcelorMittal and NSSMC plan to commit significant capital expenditure to grow the asset, inject their proprietorial patents and processes and bring new high-quality products for industries such as automotive and solar to India.
Meanwhile, Kosei Shindo, president of NSSMC, stated that Essar Steel is a good asset with a lot of potential and they believe that NSSMC and ArcelorMittal could provide operational experience and access to the best of global technologies that will enable Essar Steel to reach its potential and greatly contribute to the turnaround of the Indian steel manufacturing sector.