ArcelorMittal hopes to complete Essar acquisition by December end

ArcelorMittal is expecting to complete the transaction for Essar Steel before the end of December.

ArcelorMittal India Private Limited’s (AMIPL) resolution plan for Essar Steel India Limited (ESIL) has been unconditionally approved by the Indian Supreme Court, the company announced.

"Supreme Court approval of AMIPL’s resolution plan is the final procedural step in ESIL’s corporate insolvency process. Completion of the transaction is now expected before the end of the year," it said.

After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation (Nippon Steel), Japan’s largest steel producer and the third largest steel producer in