ArcelorMittal India Private Limited submits offer for Essar Steel India Limited
February 12 2018 - 6:52AM
12 February 2018
ArcelorMittal announces that its subsidiary ArcelorMittal India
Private Limited (AMIPL) has today submitted an offer for Essar
Steel India Limited ('Essar'), the Indian steel company, in-line
with the corporate insolvency resolution process for Essar.
In its offer, AMIPL set out a detailed industrial plan for Essar
aimed at improving its performance and profitability and ensuring
it can participate in the anticipated growth of steel demand in
India. It also highlights the extensive experience and track
record of the group in the successful acquisition and integration
of under-performing assets, which AMIPL believes would be of
considerable value to Essar. Essar would also have access to the
deep bench of technical expertise and knowledge from across the
group which is unparalleled in the steel industry.
Commenting, Mr. Lakshmi Mittal,
Chairman and CEO, ArcelorMittal, said:
"Essar provides a compelling opportunity for ArcelorMittal to
enter the high growth Indian steel market. The offer submitted
today by AMIPL includes a detailed investment plan to address
operational issues in Essar's existing asset base. With our
industry expertise and renowned operating prowess, we believe we
are uniquely equipped to implement a successful turnaround which
would be beneficial to Essar's stakeholders."
Aditya Mittal, Group CFO and CEO ArcelorMittal Europe,
said:
"This opportunity aligns with the group's strategy of
selectively investing in attractive projects to maximize long-term
shareholder value. India is expected to be the world's
fastest growing economy over the next decade and as the economy
grows its steel intensity will also increase. We believe
our technical experience and management know-how, gained from many
successful acquisitions and integrations, will ensure success for
the various steel and pelletizing operations at Essar."
Essar Steel is an integrated flat steel producer. Its main
production facility is in Gujarat. It has a nameplate crude
steel capacity of 9.6 million tonnes per annum, although the
current maximum achievable crude steel production level is 6.1
million tonnes per annum, due to a bottleneck in the steelmaking
and casting process.
Ends
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company,
with a presence in 60 countries and an industrial footprint in 18
countries. Guided by a philosophy to produce safe, sustainable
steel, we are the leading supplier of quality steel in the major
global steel markets including automotive, construction, household
appliances and packaging, with world-class research and development
and outstanding distribution networks.
Through our core values of sustainability, quality and
leadership, we operate responsibly with respect to the health,
safety and wellbeing of our employees, contractors and the
communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of
the modern world from railways to cars and washing machines. We are
actively researching and producing steel-based technologies and
solutions that make many of the products and components people use
in their everyday lives more energy efficient.
We are one of the world's five largest producers of iron ore and
metallurgical coal. With a geographically diversified portfolio of
iron ore and coal assets, we are strategically positioned to serve
our network of steel plants and the external global market. While
our steel operations are important customers, our supply to the
external market is increasing as we grow.
In 2017, ArcelorMittal had revenues of $68.7 billion and crude
steel production of 93.1 million metric tonnes, while own iron ore
production reached 57.4 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish
stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com/
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