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ArcelorMittal: submits offer for India's Essar Steel

(CercleFinance.com) - ArcelorMittal has announced that its subsidiary ArcelorMittal India Private Limited (AMIPL) has made an offer to buy Indian steelmaker Essar Steel India Limited.
The financial terms of the offer were not specified.

"In its offer, AMIPL set out a detailed industrial plan for Essar aimed at improving its performance and profitability and ensuring it can participate in the anticipated growth of steel demand in India," the group said.

Essar Steel has an annual production capacity of 9.6 million tonnes. This capacity is currently capped at 6.1 million tonnes per year, due to a bottleneck in the manufacturing and moulding production process.

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