Arcelor-Nippon Steel completes Essar Steel acquisition
A joint venture between ArcelorMittal and Nippon Steel has completed the acquisition of India's Essar Steel, taking over its operations.
Essar Steel has been renamed ArcelorMittal Nippon Steel India (AMNS India).
Aditya Mittal, president and chief financial officer of ArcelorMittal and son of ArcelorMittal chairman L.N. Mittal, has been appointed chairman of AMNS India. Dilip Oomen, chief executive of the former Essar Steel, will retain his position in the new entity.
The former Essar Steel was among five Indian steel producers declared bankrupt under a federal law enacted in 2017 and put up for auction. ArcelorMittal-Nippon Steel emerged as the highest bidder, clearing their final legal hurdle last month after India's Supreme Court approved their $6bn acquisition and bankruptcy plan.
The 9.6mn t/yr AMNS India is currently producing crude steel at an annualised rate of 7.5mn t/yr. The company plans to raise finished steel shipments to 8.5mn t/yr in the medium term and to 12mn-15mn t/yr in the long term. The company also has a 14mn t/yr iron ore pellet capacity, although it has been inactive in the export market for over a year.
By Prasenjit Bhattacharya
source: Argus Media
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