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. read more

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. read more

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. read more

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. read more

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. read more

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. read more

It’ll be unfortunate if India’s next steel king is decided not on the wrestling mat -- but via walkovers. read more

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 bi... read more

In the second round of bidding, JSW has joined hands with the Mauritius-based investment vehicle Numetal for placing its offer. read more

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. read more

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. read more

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... read more