ArcelorMittal, NSSMC look to India as growth center after buying Essar Steel

Joint acquisition partners ArcelorMittal and Nippon Steel & Sumitomo Metal Corp (NSSMC) are looking to India as a growth market after ArcelorMittal won the bid to buy insolvent Essar Steel.

“India is one of the most promising markets in the world with significant growth potential in the medium- and long-term and where domestically-produced steel products have a superior position,” NSSMC said in its an announcement. The partners are aiming to turn Essar Steel into a competitive steel producer and further develop the Indian steel industry and wider economy. ArcelorMittal and NSSMC entered into an agreement to acquire and manage Essar Steel India...

Published

Paul Lim

October 26, 2018

07:21 GMT

Singapore