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ArcelorMittal: teams up with NSSMC to takeover Essar Steel

(CercleFinance.com) - ArcelorMittal has announced the signing of an agreement between its subsidiary ArcelorMittal India Private Limited (AMIPL) and Nippon Steel & Sumitomo Metal Corporation (NSSMC) for a joint takeover of Essar Steel India Limited.

Both steelmakers have submitted a detailed resolution plan to the authorities, aimed at restoring Essar's fortunes, enabling it to reach its full potential and participate in the expected growth of steel demand in India.

For the record, Essar Steel has a production capacity of 9.6 million tonnes per year, a capacity which is currently capped at 6.1 million tonnes per year because of a bottleneck in the production and moulding process.

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