ArcelorMittal gets nod to bid for Essar

MUMBAI: India’s Supreme Court yesterday allowed ArcelorMittal SA and NuMetal to bid for debt-ridden Essar Steel after paying outstanding dues within two weeks, said television channels. The world’s largest steelmaker, which recently raised its bid for Essar Steel, is forming a joint venture with Japan’s Nippon Steel & Sumitomo Metal Corp in competition with NuMetal, a company led by Russian lender VTB, and Vedanta Resources.