ArcelorMittal Acquires Weak Producers in India

For some time now, ArcelorMittal has been trying to expand its steel production in India. Chances are it will work - the company wants to take over a local manufacturer that is in trouble.

ArcelorMittal India Private Limited, owned by ArcelorMittal, has filed a takeover bid for Essar Steel India Limited, which is in bankruptcy. The proposal includes plans to improve the efficiency and profitability of Essar Steel. Lakshmi N. Mittal said ArcelorMittal is an attractive opportunity to enter the rapidly growing Indian market. For Essar Steel, among others, access to the technical expertise and experience of the world's largest steel company.

“This is in line with the group's strategy of selectively investing in attractive projects in order to maximize long-term value for shareholders. India is expected to become the fastest growing economy in the world in the next decade and steel consumption growth will also increase, ”said Aditya Mittal, Chief Financial Officer and CEO of ArcelorMittal Europe.