ArcelorMittal likely to wrap up Essar Steel, talks with creditors soon

Lakshmi Mittal-led firm named preferred bidder in a move that brings world's largest steel maker a step closer to gaining a entry in India's growing market for the alloy

Lenders for Essar Steel India Ltd., the biggest steel mill on the block under India’s new bankruptcy law, have selected ArcelorMittal as the preferred bidder for the asset, bringing the world’s largest steel maker a step closer to gaining a foothold in India’s growing market for the alloy.

Arcelor, controlled by billionaire Lakshmi Mittal, will now begin final negotiations with creditors, the Luxembourg-based producer said in a statement. The move by lenders comes after Arcelor on Wednesday agreed to clear about 74.69 billion rupees ($1 billion) in outstanding dues of two of its group companies to become eligible to bid