ArcelorMittal submits offer in re-bidding process for Essar Steel India Limited in connection with joint venture with Nippon ...
02 Aprile 2018 - 1:37PM
2 April 2018
ArcelorMittal and Nippon Steel & Sumitomo Metal Corporation
('NSSMC') announce that ArcelorMittal's subsidiary ArcelorMittal
India Private Limited ('AMIPL') has today submitted an offer in the
re-bidding process for Essar Steel India Limited ('Essar Steel') in
connection with the joint venture between ArcelorMittal and NSSMC
to jointly acquire and manage Essar Steel.
NSSMC is Japan's leading steel company, with capacity to produce
approximately 50 million tons of crude steel per year with a
reputation for innovation and high-quality products. ArcelorMittal
and NSSMC have enjoyed a close collaboration for many decades
co-operating high-quality downstream finishing facilities in the US
including I/N Tek, I/N Kote and, since 2014, jointly acquired and
turned around AM/NS Calvert which has state-of-the-art facilities
in Alabama that had failed to reach its potential under its
previous owner.
Commenting, Lakshmi Mittal, Chairman and CEO ArcelorMittal,
said:
"The aim of the resolution process is to find a strong, new,
capable owner for Essar Steel and maximize returns to
creditors. We believe that ArcelorMittal, together with NSSMC,
has the most relevant credentials and experience and is the most
credible owner for Essar Steel given our decades of steel industry
expertise, backed up by industry leading research and development
and a wide range of innovative product capabilities.
"We are confident we are eligible; we are confident we have the
strongest track record; and we are confident we have made a strong
and competitive offer. At the heart of this offer is a compelling
industrial plan that enhances and transforms the asset. The plant
in Hazira is a big integrated steel-making facility that requires
dedicated knowledge and technological expertise to de-bottleneck,
grow and enhance its product portfolio. We plan to commit
significant capital expenditure to grow the asset, inject our
proprietorial patents and processes and bring new high-quality
products for industries such as automotive and solar to India.
"India has an ambitious goal to transform its economy and
deliver a better standard of living for all its people. Developing
its manufacturing industry is an important component of this
journey as exemplified by the government's plan to expand the
country's steelmaking capacity to 300 million tons. Supported by
the right know-how and technology, Essar Steel is well positioned
to play a part in this. Given our Indian heritage we would be proud
to contribute to the country's future prosperity."
Mr. Kosei Shindo, President of NSSMC, said:
"India is the most promising steel market in the world, and
NSSMC has been seeking opportunities to establish a significant
presence in India, motivated by a long and successful history of
respect and collaboration between Japan and India. This project, if
implemented, will be consistent with the policy of the Japanese
Government to further strengthen the relationship between India and
Japan. The Japanese Government has been following the project and
is looking for its realization.
"Essar Steel is a good asset with a lot of potential and I
believe that NSSMC and ArcelorMittal could provide operational
experience and access to the best of global technologies that will
enable Essar Steel to reach its potential and greatly contribute to
the turnaround of the Indian steel manufacturing sector. We believe
NSSMC, together with ArcelorMittal, could help India achieve the
National Steel Policy as well as the Make-in-India policy, as we
have long been contributing to localization of steel production in
other countries such as Brazil, USA, and many ASEAN countries by
direct investment.
"I believe that the partnership between NSSMC and ArcelorMittal
will provide important economic returns to Essar Steel's creditor
banks, while substantially enhancing the prospects for a
sustainable turnaround plan for Essar Steel and its employees,
customers, suppliers and other stakeholders."
AMIPL first submitted a bid for Essar Steel on 12th February. On
2nd March, ArcelorMittal announced it had signed a joint venture
agreement with NSSMC which will see the two companies co-own and
co-manage Essar Steel in the event AMIPL's bid is successful.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company,
with a presence in 60 countries and an industrial footprint in 18
countries. Guided by a philosophy to produce safe, sustainable
steel, we are the leading supplier of quality steel in the major
global steel markets including automotive, construction, household
appliances and packaging, with world-class research and development
and outstanding distribution networks.
Through our core values of sustainability, quality and
leadership, we operate responsibly with respect to the health,
safety and wellbeing of our employees, contractors and the
communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of
the modern world from railways to cars and washing machines. We are
actively researching and producing steel-based technologies and
solutions that make many of the products and components people use
in their everyday lives more energy efficient.
We are one of the world's five largest producers of iron ore and
metallurgical coal. With a geographically diversified portfolio of
iron ore and coal assets, we are strategically positioned to serve
our network of steel plants and the external global market. While
our steel operations are important customers, our supply to the
external market is increasing as we grow.
In 2017, ArcelorMittal had revenues of $68.7 billion and crude
steel production of 93.1 million metric tonnes, while own iron ore
production reached 57.4 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish
stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com/
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