trending Market Intelligence /marketintelligence/en/news-insights/trending/V5n2LsJZZzRmyIjqzjpMfQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

ArcelorMittal, Nippon close Essar Steel purchase

Mining Exploration Insights - April 2020

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

State of the Market: Mining Q2-2019


ArcelorMittal, Nippon close Essar Steel purchase

ArcelorMittal and Nippon Steel Corp. closed their acquisition of the troubled Essar Steel India Ltd., according to a Dec. 16 news release.

In October 2018, the companies lodged a winning bid of 420 billion Indian rupees, or about US$5.7 billion at the time, to acquire Essar Steel through India's insolvency process.

The deal faced hurdles related to the payment's distribution to Essar Steel's creditors and vendors. In November, India's Supreme Court gave its unconditional approval of the deal.

In line with a 2018 agreement, ArcelorMittal and Nippon Steel will form the ArcelorMittal Nippon Steel India Ltd. joint venture, which will own and operate Essar Steel. ArcelorMittal will own 60% of the venture, and Nippon Steel will hold 40%.

The joint venture has crude steel capacity of 7.5 million tonnes per annum and iron ore pellet capacity of 14 mtpa. The company plans to increase its finished steel shipments to 8.5 mtpa over the medium term and to between 12 mtpa and 15 mtpa over the long term.