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Essar
Essar Steel is a global steel producer with a footprint in India, Canada, USA, the Middle East and Asia. It has an annual capacity of 14 million tonnes, and aims to achieve a global capacity of 20-25 million tonnes. It has a significant presence in the key markets of Asia, Europe, Africa and North America. The company has specialized plants for value-added steel products such as pipes and plates and has a leadership position in the cold rolling, galvanizing and pre-coated segments.
Latest News
Essar Group Laying Plans for US$4 Billion Mill in Saudi Arabia
30 October 2023 - India’s Essar Group plans to invest US$4 billion in a low-CO2 steel plant in Saudi Arabia, reports the Bloomberg news service.
AM/NS Agrees to Buy Infrastructure Assets for US$2.5B
26 August 2022 - Joint venture AM/NS India is acquiring port and energy assets from Essar Group for US$2.4 billion, the companies said on Friday.
India’s Supreme Court Clears Essar Acquisition
15 November 2019 - ArcelorMittal expects to soon plant a flag in India after the country’s Supreme Court paved the way for it complete its planned acquisition of Essar Steel India Ltd.
Essar Steel Creditors Give Nod to ArcelorMittal Offer
30 October 2018 - Essar Steel India Ltd.’s creditors have named ArcelorMittal as the successful bidder for the debt-laden business, accepting its US$6.8 billion offer.
In Surprise Move, Essar Steel Promoters Offer to Repay Lenders and Halt Bankruptcy Sale
25 October 2018 - India’s Ruia family, which promotes Essar Steel India Ltd., have made a last-ditch effort to reclaim the bankrupt business, offering to pay off the equivalent of US$7.4 billion, just as creditors were to vote on a bid from ArcelorMittal.
To Allow for Essar Steel Acquisition, ArcelorMittal Agrees to Pay Off US$1B in Debt
17 October 2018 - ArcelorMittal said it is prepared to pay off the equivalent of about US$1 billion in debt on two businesses in which it had held ownership stakes in order to win approval to buy another.
ArcelorMittal Raises Offer for India’s Essar Steel
12 September 2018 - ArcelorMittal has put a new offer on the table for Essar Steel India Ltd., bidding the equivalent of US$5.8 billion for the bankrupt steelmaker, according to media reports.
Essar Steel Creditors Call for Redo on Bidding
22 March 2018 - Essar Steel Ltd.’s creditors committee has rejected offers from both ArcelorMittal and an entity led by a Russian bank on grounds that both were ineligible to bid under Indian insolvency rules, according to reports.
ArcelorMittal Tag-Teams With Japanese Steelmaker on Essar Bid
02 March 2018 - ArcelorMittal is partnering with Nippon Steel & Sumitomo Metal Corp. (NSSMC) to acquire Essar Steel India Ltd., the steelmaker said on Friday.
ArcelorMittal Executive: Our Offer for Essar Steel Is 'Very Competitive'
27 February 2018 - ArcelorMittal, one of the two companies vying for Essar Steel, is confident that it can turn around the distressed steelmaker, Brian Aranha, executive vice president and global strategy head, tells the (India) Economic Times in an interview.
Essar Steel Attracts Offer from World's Leading Steel Producer
12 February 2018 - ArcelorMittal has laid an offer on the table for distressed flat-rolled producer Essar Steel India, the company disclosed on Monday.
Report: Steel Giants Team Up in Bid for Indian Manufacturer
29 January 2018 - Nippon Steel & Sumitomo Metal Corp. and ArcelorMittal are going in together on a bid for India’s Essar Steel, reports The (India) Economic Times.
List of Potential Essar Steel Investors Grows
28 August 2017 - The list of potential suitors for India’s Essar Steel is growing, according to Indian financial news portal moneycontrol.com
Report: Two International Steelmakers Eyeing India's Essar Steel
23 August 2017 - Tata Steel and POSCO might be among the companies looking at acquiring debt-stricken Essar Steel, which is operating under Indian insolvency laws.
Report: India's Central Bank Wants Essar Steel, 11 Others Ushered into Bankruptcy
16 June 2017 - India’s Essar Steel and Bhushan Steel reportedly are among 12 companies being recommended for bankruptcy by the country’s central bank, according to the Reuters news service.
Essar Algoma Takes A New Name. But It's a Familiar One.
30 May 2017 - With a nod to the past, Canada’s Essar Steel Algoma is dropping Essar Steel from its name and rebranding itself simply as Algoma.
Indian Steelmaker Begins Offering Slag Sand
07 May 2017 - India’s Essar Steel has developed a slag-derived sand that could help satisfy demand for fine aggregates in construction, reports The Press Trust of India (PTI) news agency.
U. S. Steel Canada Declines New Offer From Essar Global
10 August 2016 - U. S. Steel Canada has rejected a new buyout offer from Essar Global, saying that its new bid is substantially similar to one that was proposed -- and rejected -- earlier this year, according to reports.
Investment Firm Drops Plan to Acquire Canadian Steelmakers
14 July 2016 - A New York-based private equity firm has backed out of a deal to buy Canada’s Essar Steel Algoma and reportedly has dropped a separate bid for another major Canadian steelmaker, U. S. Steel Canada.
Steelworkers Union Rebuffs Would-Be Acquirer of Essar Algoma, Backs Competing Offer
12 July 2016 - The United Steelworkers union said it will not support Essar Steel Algoma’s tentative sale to a private equity firm and instead is pushing for an alternate deal, one with the steelmaker’s former owner.
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