ArcelorMittal completes acquisition of India's Essar Steel

MUMBAI: The world's biggest steelmaker ArcelorMittal announced Monday that it has concluded its acquisition of debt-laden Essar Steel, a significant win for India's nascent bankruptcy law designed to help nurse insolvent companies back to health.

"The acquisition of Essar Steel is an important strategic step for ArcelorMittal," the global giant's chairman Lakshmi Mittal said in a statement. ArcelorMittal will run the company in a joint venture with Japan's Nippon Steel, which will hold the remaining 40 per cent stake in the newly-formed entity, the statement added.The announcement follows a move by India's parliament to table a bill amending the bankruptcy law to offer protection to buyers against criminal action levelled against previous owners over unpaid dues and other issues.

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