Supreme Court allows ArcelorMittal, NuMetal to bid for Essar Steel - TV

(Reuters) - The Supreme Court on Thursday allowed ArcelorMittal SA and NuMetal to bid for debt-ridden Essar Steel after paying outstanding dues within two weeks, television channels said.

The world's largest steelmaker, which recently raised its bid for Essar Steel, is forming a joint venture with Japan's Nippon Steel & Sumitomo Metal Corp in competition with NuMetal, a company led by Russian lender VTB, and Vedanta Resources.

(Reporting by Sharnya G in Bengaluru; Editing by Sunil Nair)