ArcelorMittal makes strong pitch as eligible bidder for distressed assets

It is also in the process of conducting due-diligence for larger stressed assets in sector, namely, of Essar Steel, Bhushan Steel and Bhushan Power & Steel

ArcelorMittal, the world’s largest steelmaker, has made a strong pitch as an eligible bidder for distressed assets currently going through insolvency resolution.

It issued a statement that recent amendments to the Insolvency and Bankruptcy Code were intended to prevent defaulting promoters from buying the same assets out of bankruptcy.

“We are a widely recognised and highly creditworthy international investor and do not believe this amendment should prevent ArcelorMittal from bidding for distressed steel assets in which we have had no prior involvement,” went the statement.

It also clarified, “We hold a non-controlling minority shareholding in Uttam Galva, have no representation