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ArcelorMittal to partner with Nippon Steel for Essar Steel acquisition

ArcelorMittal said March 2 that it had decided to partner with Nippon Steel & Sumitomo Metal Corp. for its previously submitted takeover offer for Essar Steel India Ltd.

In a statement, ArcelorMittal chairman and CEO Lakshmi Mittal said it had always been the company's intention to enter a joint venture with Nippon for the offer.

ArcelorMittal and Nippon have previously operated steel finishing facilities, I/N Tek and I/N Kote, in Indiana under joint ventures since 1987.

However, Bloomberg News recently reported that legal and accounting advisers reviewing bids for Essar Steel India Ltd. recommended that all bids be disqualified.

Russia's VTB Group is the only other contender for the insolvent steel company.