ArcelorMittal News

Essar Steel: NCLAT reserves order on ArcelorMittal takeover

Senior advocate Kapil Sibal appearing on behalf of Standard Chartered Bank, a secured creditor of Essar Steel, said ArcelorMittal should not be allowed to add working capital to brighten up its final resolution plan.

ArcelorMittal to NCLAT: Will pay Rs 42,000 crore for Essar Steel

NCLAT would continue to hear the Essar Steel insolvency case on May 21.


Resolution under IBC: Essar Steel shareholder seeks ArcelorMittal’s disqualification

Essar Steel Asia Holdings Ltd (ESAHL), which holds a significant stake in Essar Steel, has moved National Company Law Appellate Tribunal (NCLAT) seeking rejection of ArcelorMittal’s Rs 42,000 crore bid to acquire the bankrupt steelmaker, alleging that its promoter Lakshmi Mittal hid his association with loan defaulting firms run by his brothers. Seeking ArcelorMittal (AM) […]

Three ex-Essar Steel directors move NCLAT against ArcelorMittal takeover

On Friday, the Ahmedabad bench of the NCLT had approved the lenders’ plan to let global steel giant ArcelorMittal take over the debt-ridden Essar Steel.

‘ArcelorMittal offers Rs 4,800 crore for Essar's Mahan power project’

In September 2018, ICICI Bank, the lead lender for the Essar Power's Mahan project, moved NCLT seeking initiation of insolvency proceedings against Essar Power MP.

Lenders approved our bid to buy Essar Steel: ArcelorMittal

ArcelorMittal intends to increase Essar Steel’s finished steel shipments to 8.5 million tonnes over the medium term.


ArcelorMittal inches closer to winning bankrupt Essar bid; agrees to clear its dues

Essar Steel “represents a unique and compelling opportunity” for Arcelor to establish a significant footprint in a fast growing market that’s poised to become the second-biggest producer of the alloy, Arcelor had said in a statement earlier this week.

Essar Steel: ArcelorMittal writes against Vedanta, withdraws later

ArcelorMittal on September 15 wrote to Essar Steel’s RP a letter relating to Vedanta’s alleged environmental law violations in India and Zambia, illegal mining, disregard for safety standards and human rights violations.

Essar Steel bid: ArcelorMittal to pay dues only after Supreme Court order

According to the company, it is in no way obliged to pay these amounts and no demand has been raised by any financial institutions or banks.

ArcelorMittal ups the ante in the race for Essar Steel, to raise bid

The appellate tribunal asked ArcelorMittal to clear the dues by September 11 while ruling that Numetal’s second bid for an amount of Rs 37,000 crore was eligible.