UK court dismisses ArcelorMittal's arbitral award plea against Essar Steel

In the order the London High Court said there was no grounds to order a global freeze on the Ruia and Essar assets

A UK court has refused to issue a worldwide freezing order against the parent company of Essar Steel Ltd and members of promoter family - Ravi and Prashant Ruia.

The order came as steelmaker ArcelorMittal looked to enforce a  $1.5 billion arbitral award stemming from a soured supply agreement.

In an 81-page judgment, High Court Judge Andrew Henshaw on Monday found no merit in the case being brought by ArcelorMittal to enforce a worldwide freeze on Essar's assets to protect them from "dissipation" while the former pursues parallel legal remedies.

Reached for comments, ArcelorMittal hinted it may appeal against the judgment while an