FOCUS: ArcelorMittal's approval for Essar Steel takeover opens door to new market, assists recovery of Indian steel sector

November 29, 2019 / www.metalbulletin.com / Article Link

The recent grant of approval from the Indian Supreme Court for ArcelorMittal's acquisition of Essar Steel brings an end to years of legal wrangles, giving the global steelmaker access to a much sought-after market, and allowing the Indian steel sector to take a further step toward health.

ArcelorMittal has been keen for some time to break into the domestic Indian steel market because it is one of the few parts of the world where it does not have steel production assets. It has previously described the acquisition as presenting a unique opportunity "to establish a significant footprint, with substantial expansion potential, in the high-growth Indian steel market."
The company had earlier announced plans to build an integrated steel plant in the Indian state of Odisha with capacity for 12 million tonnes per year, but these were scrapped in 2013 because it was unable to obtain land and secure iron ore supplies.
Along with the Essar takeover, ArcelorMittal is working on a joint venture to produce steel for the automotive sector with state-run Steel Authority of India (Sail).

Essar Steel is an integrated steel mill with capacity at its steel works in Hazira, Gujarat, to produce...

Recent News

Gold stocks gain even as metal price pulls back

April 29, 2024 / www.canadianminingreport.com

Copper price forecast swinging significantly on shifting outlook

April 29, 2024 / www.canadianminingreport.com

Upgrades continue for 2024 gold price target...

April 22, 2024 / www.canadianminingreport.com

Gold stocks edge up as weak equities offset metal rise

April 22, 2024 / www.canadianminingreport.com

Major investment banks make major gold price upgrades

April 15, 2024 / www.canadianminingreport.com
See all >
Share to Youtube Share to Facebook Facebook Share to Linkedin Share to Twitter Twitter Share to Tiktok