ArcelorMittal, NSSMC establish JV to purchase Essar Steel
Apr 09, 2018 | 10:30 AM
AMM's London staff, Fastmarkets AMM staff
ArcelorMittal and Nippon Steel & Sumitomo Metal Corp (NSSMC) have entered into an agreement to acquire and manage Essar Steel India.
Essar Steel is an integrated steel mill with capacity for 10 million tonnes per year of steel production, with its main production base at the Hazira Steelworks in Gujarat, west India.
NSSMC believes that by bringing together the strengths of both companies, NSSMC and ArcelorMittal will be able to successfully turn around Essar Steel and transform it into a competitive steel business, the Japanese steelmaker said.