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ArcelorMittal prepares to acquire steel mills in India

According to Indian media reports, a team of about 40 ArcelorMittal specialists, led by
the group's CFO and ArcelorMittal Europe CEO Aditya Mittal, visited the factories of Essar Steel
and Bhushan Steel to study their financial and technical condition (due diligence).
ArcelorMittal said the growing Indian market is of interest to the corporation. Therefore, she
intends to take advantage of this opportunity to acquire the assets of the bankrupt metallurgical
companies, which are now put up for sale.
In addition, ArcelorMittal expects to conclude an agreement with the Indian state-owned
company SAIL on the establishment of a joint venture for the production of cold-rolled auto
sheet with a capacity of 1.5 million tons per year. Indian Metallurgical Industry Minister Birender
Singh said recently that the negotiations are at the final stage and may soon culminate in the
signing of an agreement.
So far, the ArcelorMittal group, whose founder and leader is a native of India, Lakshmi
Mittal, does not have any assets in this country. In 2005 and 2006. It signed memorandums of
understanding with the authorities of the states of Jharkhand and Odisha on the construction of
two steel plants with a capacity of 12 million tons per year, but these projects have not started.
And now there is no certainty that ArcelorMittal will be able to acquire Indian enterprises.
Essar Steel, which produces up to 9.7 million tons of steel per year, and Bhushan Steel, whose
capacity reaches 5.6 million tons per year, are also claimed by other potential buyers, including
their former owners.
region-ural.ru

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