Essar Steel Might Have a New Plant in Its Future
03/15/2018 - ArcelorMittal president Aditya Mittal said the company will consider building a new steel plant in India if it wins the bidding for Essar Steel, reports the Business Line newspaper.
“We have a long-term aspiration to significantly grow the asset and partner the government’s vision to grow steel capacity in India to 300 million metric tons,” Mittal told the newspaper.
Essar is one of a dozen debt-laden Indian companies forced into insolvency proceedings by the country’s central bank. ArcelorMittal, in partnership with Nippon Steel & Sumitomo Metal Corp., is vying for control of Essar, but faces competition from Russia’s VTB Bank.
Business Line has more from the interview here.
