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Workers stand near the logo of ArcelorMittal at the steel plant in Ghent, Belgium.(Reuters File)

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.
The South African government has expressed “disappointment” at the decision of ArcelorMittal South Africa to retrench nearly 1,000 workers across the company and to shut down its operations in Saldanha town.(Livemint)
The South African government has expressed “disappointment” at the decision of ArcelorMittal South Africa to retrench nearly 1,000 workers across the company and to shut down its operations in Saldanha town.(Livemint)

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.
Essar Steel was auctioned under the new Insolvency and Bankruptcy Code (IBC) to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.(Biplov Bhuyan/HT PHOTO)
Essar Steel was auctioned under the new Insolvency and Bankruptcy Code (IBC) to recover Rs 54,547 crore of unpaid dues of financial lenders and operational creditors.(Biplov Bhuyan/HT PHOTO)

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.
The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA’s takeover bid for debt-ridden Essar Steel, television news channels reported on Friday.(REUTERS)
The National Company Law Tribunal (NCLT) approved steel giant ArcelorMittal SA’s takeover bid for debt-ridden Essar Steel, television news channels reported on Friday.(REUTERS)

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.
Workers stand near the logo of ArcelorMittal at the steel plant in Ghent, Belgium.(REUTERS)
Workers stand near the logo of ArcelorMittal at the steel plant in Ghent, Belgium.(REUTERS)

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.
Sanjeev Gupta of Liberty House at his Mayfair office in London.(Mint File Photo)
Sanjeev Gupta of Liberty House at his Mayfair office in London.(Mint File Photo)

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.
A building of the ArcelorMittal steel plant is seen in Ghent, Belgium.(REUTERS)
A building of the ArcelorMittal steel plant is seen in Ghent, Belgium.(REUTERS)

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.
Essar Steel had a debt of Rs 49,000 crore and was referred to NCLT in June last year.(Reuters File Photo)
Essar Steel had a debt of Rs 49,000 crore and was referred to NCLT in June last year.(Reuters File Photo)

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.
Essar looks like it’s headed for a lengthy day in the courts; in smaller bankruptcies, where there isn’t much value left, the lenders aren’t even bothering to accept offers lest government agencies accuse them of corruption later.(Reuters File Photo)
Essar looks like it’s headed for a lengthy day in the courts; in smaller bankruptcies, where there isn’t much value left, the lenders aren’t even bothering to accept offers lest government agencies accuse them of corruption later.(Reuters File Photo)

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.
The steel reinforcing frames of precast concrete tunnel segments sit stacked at the Mumbai Metro Rail Corp. casting yard in Mumbai in August 2017.(Dhiraj Singh/Bloomberg)
The steel reinforcing frames of precast concrete tunnel segments sit stacked at the Mumbai Metro Rail Corp. casting yard in Mumbai in August 2017.(Dhiraj Singh/Bloomberg)

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 was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)
Essar Steel was among the initial 12 companies identified by the Reserve Bank of India (RBI) for insolvency proceedings.(Aniruddha Chowhdury/Mint)

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.
FLast month, steel workers at Germany’s Thyssenkrupp voted in favour of a labour agreement that will safeguard jobs and plants in a planned joint venture with Tata Steel until 2026, removing a key hurdle for the tie-up.(REUTERS File Photo)
FLast month, steel workers at Germany’s Thyssenkrupp voted in favour of a labour agreement that will safeguard jobs and plants in a planned joint venture with Tata Steel until 2026, removing a key hurdle for the tie-up.(REUTERS File Photo)

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.
JSW Steel’s entry depends on whether Essar Steel lenders will allow new bidders to participate in the fresh bidding process.(Reuters File)
JSW Steel’s entry depends on whether Essar Steel lenders will allow new bidders to participate in the fresh bidding process.(Reuters File)

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.
While the direct hit from the PNB fraud was $2 billion, the indirect blow to the taxpayer is an additional $6 billion of capital that will no longer be coming from noteholders.(PTI Photo)
While the direct hit from the PNB fraud was $2 billion, the indirect blow to the taxpayer is an additional $6 billion of capital that will no longer be coming from noteholders.(PTI Photo)

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.
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