Arcelormittal Takes Required Step To Ensure Its Offer For Essar Steel Is Eligible
17 October 2018 - 10:08PM
Dow Jones News
TIDMMT
17 October 2018 -- ArcelorMittal ('the Company') announces that, in-line
with the Indian Supreme Court ruling dated 4 October 2018, it has
approved a payment of 7,469 crore rupees (c. $1 billion) to the
financial creditors of Uttam Galva and KSS Petron to clear overdue debts
in order that the offer it submitted for Essar Steel India Limited
('ESIL') on 2 April 2018 is eligible and can be considered by ESIL's
Committee of Creditors ('CoC').
ArcelorMittal's Board of Directors believes that ESIL represents a
unique and compelling opportunity for the Company to establish a
significant footprint, with substantial expansion potential, in the
high-growth Indian steel market. It concluded that, given the
significant benefits that ESIL would bring to ArcelorMittal, making this
payment was an appropriate course of action under the circumstances.
As stipulated in the Supreme Court ruling, ESIL's CoC now has an
eight-week period to accept what it considers to be the best resolution
plan from eligible applicants.
ENDS
About ArcelorMittal
ArcelorMittal is the world's leading steel and mining company, with a
presence in 60 countries and an industrial footprint in 18 countries.
Guided by a philosophy to produce safe, sustainable steel, we are the
leading supplier of quality steel in the major global steel markets
including automotive, construction, household appliances and packaging,
with world-class research and development and outstanding distribution
networks.
Through our core values of sustainability, quality and leadership, we
operate responsibly with respect to the health, safety and wellbeing of
our employees, contractors and the communities in which we operate.
For us, steel is the fabric of life, as it is at the heart of the modern
world from railways to cars and washing machines. We are actively
researching and producing steel-based technologies and solutions that
make many of the products and components people use in their everyday
lives more energy efficient.
We are one of the world's five largest producers of iron ore and
metallurgical coal. With a geographically diversified portfolio of iron
ore and coal assets, we are strategically positioned to serve our
network of steel plants and the external global market. While our steel
operations are important customers, our supply to the external market is
increasing as we grow.
In 2017, ArcelorMittal had revenues of $68.7 billion and crude steel
production of 93.1 million metric tonnes, while own iron ore production
reached 57.4 million metric tonnes.
ArcelorMittal is listed on the stock exchanges of New York (MT),
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock
exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal please visit:
http://corporate.arcelormittal.com/
Contact information ArcelorMittal
Investor Relations
Europe +44 20 7543 1156
Americas +1 312 899 3985
Retail +44 20 7543 1156
SRI +44 207543 1156
Bonds/Credit +33 171 921 026
Contact information ArcelorMittal
Corporate Communications
E-mail: mailto:press@arcelormittal.com press@arcelormittal.com
--------------------------------------------------------
Phone: +442076297988
ArcelorMittal Corporate
Communications
Paul Weigh +44 20 3214 2419
India - Brunswick
Khozem Merchant / Azhar +91 9167883290
Khan
(END) Dow Jones Newswires
October 17, 2018 06:53 ET (10:53 GMT)
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