ArcelorMittal wins bid to buyout Essar Steel | Editorji
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ArcelorMittal wins bid to buyout Essar Steel

Oct 26, 2018 14:39 IST

The committee of creditors of debt-laden Essar Steel India have chosen ArcelorMittal and Japan's Nippon Steel & Sumitomo Metal Corp as the winning bidders for a total of 5.7 billion dollars with ArcelorMittal holding majority stake. The news comes a day after founders of Essar Steel came in with a surprise offer to pay 7.4 billion dollars to the creditors to settle claims.