ArcelorMittal Picked As Winning Bidder For Essar Steel

The committee of creditors tasked with the resolution process of Essar Steel Ltd. has picked ArcelorMittal as H1 Resolution Applicant, or preferred bidder, for the insolvent asset, Bloomberg Quint reported. The final bid price will be negotiated over the weeks to come, the Luxembourg-based company said in a statement. This comes two weeks after the Supreme Court directed both Numetal Mauritius and ArcelorMittal to pay up past debts to be eligible to bid for insolvent Essar Steel Ltd. Of the two, only one met the Supreme Court directive—ArcelorMittal. Numetal failed to do so within the two-week deadline laid down by the apex court, which expired today. ArcelorMittal said in an earlier statement on Oct. 17 that it has approved a payment of Rs 7,469 crore (approx. $1 billion) to the financial creditors of Uttam Galva Steels Ltd. and KSS Petron Pvt. Ltd. to clear overdue debts so that the offer it submitted for Essar Steel India on April 2, 2018 is eligible. Read more