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Supreme Court clears path for ArcelorMittal to acquire bankrupt Essar Steel
New Delhi | By Reuters
UPDATED ON NOV 15, 2019 01:15 PM IST
Banks had moved to the Supreme Court earlier this year after an appellate court judgment put the claims of Essar’s operational creditors on a par with those of its lenders.
ArcelorMittal to shut Saldanha plant in S Africa, 1000 workers affected
Johannesburg | By Press Trust of India
UPDATED ON NOV 12, 2019 07:10 AM IST
Global steel magnate Lakshmi Mittal’s ArcelorMittal is the world’s leading steel and mining company, with a presence in 60 countries and an industrial footprint in 18 countries.
SC puts on hold Essar Steel sale to ArcelorMittal
New Delhi | By Press Trust of India
PUBLISHED ON JUL 22, 2019 06:25 PM IST
The Supreme Court bench was hearing a plea by CoC of Essar Steel challenging NCLAT’s July 4 order which approved steel tycoon Lakshmi Mittal-led ArcelorMittal’s Rs 42,000 crore bid for acquiring the debt-laden firm.
NCLT approves ArcelorMittal’s Rs 45,000 cr Essar Steel takeover plan
Reuters | By Reuters
UPDATED ON MAR 08, 2019 07:00 PM IST
ArcelorMittal, which has been engaged in a drawn-out attempt to acquire Essar Steel since 2017, had made a 420 billion rupee ($5.99 billion) bid for the bankrupt Indian steelmaker.
ArcelorMittal wins bids to take over Essar Steel for Rs 42,000 crore
Press Trust of India | By Press Trust of India
UPDATED ON OCT 26, 2018 06:49 PM IST
ArcelorMittal intends to raise Essar Steel’s finished steel shipments to 8.5 million tonnes over the medium-term by completing the ongoing capital expenditure project and infusing expertise.
Liberty House to buy Arcelor’s 4 steel plants in Europe
Hindustan Times, London | By Prasun Sonwalkar
PUBLISHED ON OCT 13, 2018 12:09 PM IST
The deal between Liberty House and ArcelorMittal is subject to approval by the European Commission and other local processes including the conclusion of information consultations with local and European Works Councils, the company said in a release.
NCLAT to hear ArcelorMittal, NuMetal pleas over Essar bid eligibility tomorrow
Press Trust of India, Mumbai | By Press Trust of India
UPDATED ON MAY 29, 2018 02:56 PM IST
Russia’s VTB Capital-based NuMetal and ArcelorMittal are vying for Essar Steel, which operates a 10-million-tonne-a-year steel plant with about 11,000 employees.
NCLAT to hear NuMetal, ArcelorMittal petition in Essar Steel case on May 17
Press Trust of India, New Delhi | By Press Trust of India
PUBLISHED ON APR 27, 2018 12:37 PM IST
In the petition, NuMetal said the Ahmedabad-bench of NCLT had disqualified ArcelorMittal India Ltd from bidding to acquire Essar Steel, on grounds that it was a promoter company of firms that had defaulted on payment of bank loans.
India turns a bad loan tragedy into a bankruptcy farce
Bloomberg | By Andy Mukherjee
UPDATED ON APR 20, 2018 04:35 PM IST
It’ll be unfortunate if India’s next steel king is decided not on the wrestling mat -- but via walkovers.
Battle for Essar Steel: ArcelorMittal to challenge VTB-Numetal’s bid
Bloomberg | By Swansy Afonso and George Smith Alexander
UPDATED ON APR 04, 2018 01:12 PM IST
ArcelorMittal will question the eligibility of the VTB-led Numetal Ltd. group to bid for Essar Steel on the basis that a company controlled by the family of the founder of the insolvent entity was part of the consortium during an initial round of bidding.
Essar Steel sale: Vedanta, ArcelorMittal, Numetal-JSW submit fresh bids
Press Trust of India | By HT Correspondent
UPDATED ON APR 02, 2018 06:31 PM IST
In the second round of bidding, JSW has joined hands with the Mauritius-based investment vehicle Numetal for placing its offer.
Thyssenkrupp, Tata Steel venture faces fresh union opposition
Reuters, Duesseldorf/Frankfurt | By HT Correspondent
PUBLISHED ON MAR 29, 2018 12:51 PM IST
Thyssenkrupp and Tata Steel last year announced plans to combine their European steel operations to create the continent’s second-largest player after ArcelorMittal, including up to 4,000 job cuts.
Essar Steel sale: JSW Steel may step in fresh round of bidding
Livemint, Mumbai | By Swaraj Singh Dhanjal
UPDATED ON MAR 22, 2018 05:59 PM IST
If JSW Steel enters the new round of bidding for Essar Steel, it will be the fourth distressed steel asset that the Sajjan Jindal-led company has set its eyes on since the debt resolution process under the insolvency and bankruptcy code began.
Road to survival: India’s banking system needs to take the private way out
Bloomberg | By Andy Mukherjee
UPDATED ON MAR 12, 2018 11:30 AM IST
The time for “corrective” action -- prompt or otherwise -- is past. To prevent bailout costs ballooning further, authorities should accept that wealthy fugitives have done them a service by showing just how operationally vulnerable India’s banking system really is.