Essar Steel sale: Lenders must negotiate with chosen bidder, says Arcelor

ArcelorMittal has already written to the State Bank of India and said that it would repay all dues

ArcelorMittal said negotiations should take place with the preferred bidder from the first offers, in response to Numetal’s letter to lenders indicating it was willing to match and better the global steel maker’s offer for Essar Steel. It is not clear yet whether ArcelorMittal is open to revising its bid, but there could be room for negotiations. 

ArcelorMittal India’s statement read: “ArcelorMittal submitted a strong, compelling and eligible bid. We believe that on the basis of first offers a preferred bidder should then be selected for further negotiation. Together with Nippon, we are the most qualified and credible owner for