ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation (‘NSSMC’) have announced that ArcelorMittal’s subsidiary ArcelorMittal India Private Limited (‘AMIPL’) has recently submitted an offer in the re-bidding process for Essar Steel India Limited (‘Essar Steel’) in connection with the joint venture between ArcelorMittal and NSSMC to jointly acquire and manage Essar Steel.
NSSMC is Japan’s leading steel company, with capacity to produce approximately 50 MT of crude steel per year with a reputation for innovation and high-quality products. ArcelorMittal and NSSMC have enjoyed a close collaboration for many decades co-operating on high-quality downstream finishing facilities in the US including I/N Tek, I/N Kote and, since 2014, jointly acquired and turned around AM/NS Calvert which has state-of-the-art facilities in Alabama that had failed to reach its potential under its previous owner.
AMIPL first submitted a bid for Essar Steel. ArcelorMittal has announced it had signed a joint venture agreement with NSSMC which will see the two companies co-own and co-manage Essar Steel in the event AMIPL’s bid is successful.