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ArcelorMittal Revises Proposal for Essar Steel

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ArcelorMittal, Luxembourg, has submitted a revised proposal to acquire Essar Steel. The world’s largest steelmaker had previously made a bid for the Indian producer.

The revised offer includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, therefore representing unprecedented value to all concerned creditors, ArcelorMittal executives claim. Through the revised offer ArcelorMittal demonstrates its serious commitment to India, creditor banks and all Essar Steel India stakeholders.

ArcelorMittal executives believes ESIL provides it with a compelling opportunity to enter the high-growth Indian steel market and, should it prove successful with the proposed acquisition, ESIL will add significant strategic value to the group’s business.

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