By Nalini Sahu<\/p>\n\n\n\n
Bhubaneswar, Dec. 16: ArcelorMittal, which has taken over\nEssar Steel project in Odisha, on Monday announced that it has completed the\nacquisition of Essar Steel India Limited (\u2018ESIL\u2019).<\/p>\n\n\n\n
The company also said it had simultaneously established a\njoint venture with Nippon Steel Corporation (\u2018Nippon Steel\u2019), called\nArcelorMittal Nippon Steel India Limited (\u2018AM\/NS India\u2019), which will own and\noperate ESIL. <\/p>\n\n\n\n
ArcelorMittal holds 60 per cent of AM\/NS India, with Nippon\nSteel holding the balance.<\/p>\n\n\n\n
Aditya Mittal, President and CFO of ArcelorMittal, has been\nappointed Chairman of AM\/NS India, and Dilip Oommen has been appointed AM\/NS\nIndia\u2019s CEO.<\/p>\n\n\n\n
Commenting, Lakshmi Mittal, Chairman and CEO of\nArcelorMittal, said, \u201c\u201cThe acquisition of Essar Steel is an important strategic\nstep for ArcelorMittal. India has long been identified as an attractive market\nfor our company and we have been looking at suitable opportunities to build a\nmeaningful production presence in the country for over a decade. Both India and\nEssar\u2019s appeal are enduring. Essar has sizeable, profitable, well-located\noperations and the long-term growth potential for the Indian economy and\ntherefore Indian steel demand are well known. The transaction also demonstrates\nhow India benefits from the Insolvency and Bankruptcy Code, a genuinely\nprogressive reform whose positive impact will be felt widely across the Indian\neconomy\u201d. <\/p>\n\n\n\n
Eiji Hashimoto, representative director and president of\nNippon Steel, said, \u201cAM\/NS India manufactures flat steel, steel plates and\nsteel pipes mainly at its integrated steel mill with nominal crude steel\nproduction capacity of 9.6 million tonnes per year in India, one of the most\npromising steel markets in the world. The company also has a wide-ranging\ndomestic sales network and manufacturing plants in east India producing\npellets, a raw material of steel.\u201d<\/p>\n\n\n\n
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By Nalini Sahu Bhubaneswar, Dec. 16: ArcelorMittal, which has taken over Essar Steel project in Odisha, on Monday announced that it has completed the acquisition of Essar Steel India Limited<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[13,46],"tags":[6027,6029,6028],"class_list":["post-34539","post","type-post","status-publish","format-standard","hentry","category-business","category-top-stories","tag-arcelormittal","tag-essar-steel","tag-nippon-steel"],"yoast_head":"\n