ArcelorMittal and Nippon Steel complete $5.8 billion acquisition of Essar Steel

[TexasTowelie]

Joseph S. Pete


ArcelorMittal, one of Northwest Indiana's largest employers and the world's largest steelmaker by volume, continues to expand its footprint across the globe.

The Luxembourg-based steelmaker, which has local operations in East Chicago, Burns Harbor, Gary, Riverdale and New Carlisle, and Nippon Steel have completed their $5.8 billion acquisition of Essar Steel India Limited out of bankruptcy court. ArcelorMittal holds 60% of the rebranded ArcelorMittal Nippon Steel India Limited.

“The acquisition of Essar Steel is an important strategic step for ArcelorMittal. India has long been identified as an attractive market for our company and we have been looking at suitable opportunities to build a meaningful production presence in the country for over a decade. Both India and Essar’s appeal are enduring," ArcelorMittal Chairman and CEO Lakshmi Mittal said. "Essar has sizeable, profitable, well-located operations and the long-term growth potential for the Indian economy and therefore Indian steel demand are well known. The transaction also demonstrates how India benefits from the Insolvency and Bankruptcy Code, a genuinely progressive reform whose positive impact will be felt widely across the Indian economy."

Long-time partners ArcelorMittal and Nippon Steel also jointly own the I/N Tek and I/N Kote finishing facilities in New Carlisle, which process steel made at ArcelorMittal Indiana Harbor mill in East Chicago and shipped over by train daily.

Read more: https://www.nwitimes.com/business/local/arcelormittal-and-nippon-steel-complete-billion-acquisition-of-essar-steel/article_d8948ce3-794f-55fa-b5a4-86128ea60b3b.html
(Northwest Indiana Times)