In response to media speculation, ArcelorMittal confirmed that on September 10 it submitted a revised proposal to Essar Steel India Ltd.’s (ESIL) Committee of Creditors for the acquisition of ESIL. The revised offer, which also includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, represents unprecedented value to all concerned creditors, the company said.
The company said it believes ESIL provides it with a compelling opportunity to enter the high-growth Indian steel market and, should it prove successful with the proposed acquisition, ESIL will add significant strategic value to the group’s business.
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