ArcelorMittal, NSSMC establish JV to purchase India’s Essar Steel

Major steel producers ArcelorMittal and Nippon Steel & Sumitomo Metal Corp (NSSMC) have entered into an agreement to acquire and manage Essar Steel India, NSSMC said on Friday March 2.

The Japanese steelmaker believes that the partnership with ArcelorMittal will allow the two companies to turn the fortunes of Essar Steel around. They are forming a joint venture to acquire Essar Steel subject to the approval of India’s regulatory authorities.

“NSSMC believes that by bringing together the strengths of both companies, NSSMC...


Paul Lim

March 02, 2018

11:04 GMT