Bloomberg: ArcelorMittal Raises Bid For Essar Steel

(RTTNews) - As per a report published in Bloomberg, ArcelorMittal has increased its bid for Essar Steel to approximately $5.8 billion. The company is reportedly planning to pay all of the debt of Essar Steel.

ArcelorMittal's subsidiary ArcelorMittal India first submitted a bid for Essar Steel on 12th February. On 2nd March, ArcelorMittal announced it had signed a joint venture agreement with Nippon Steel & Sumitomo Metal Corp. which will see the two companies co-own and co-manage Essar Steel in the event ArcelorMittal India's bid is successful. On April 4, ArcelorMittal India submitted an offer in the re-bidding process for Essar Steel in connection with the joint venture to jointly acquire and manage Essar Steel.