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ArcelorMittal: creates joint venture AM/NS India

(CercleFinance.com) - ArcelorMittal announces that it has completed the acquisition of Essar Steel India Limited (ESIL) and has simultaneously formed a joint venture with Nippon Steel, called ArcelorMittal Nippon Steel India Limited (AM/NS India), which will own and operate ESIL.

The European steel giant will hold 60% of AM/NS India and its Japanese partner will hold the balance. Aditya Mittal, ArcelorMittal's CFO, has been appointed chairman of AM/NS India, and Dilip Oommen, CEO.

A producer of integrated flat steel, AM/NS India is the leading steel group in western India, and currently has an annualised crude steel production of around 7.5 million tonnes.

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