New Straits Times

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.

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