ArcelorMittal says looks forward to completing acquisition of Essar Steel

ArcelorMittal on Friday expressed hope to complete the acquisition of Essar Steel soon after the Supreme Court allowed the world's largest steelmaker to pay Rs 42,000 crore to creditors of the Mumbai-based Ruia family-owned firm.

Reacting to banks making an unprecedented recovery of almost 90 per cent of loans given to Essar Steel, an Essar spokesperson said ArcelorMittal and its Japanese partner Nippon Steel were "acquiring a world-class facility in a market that has a long runway for growth."
"The apex court has correctly recognised the difference between secured and unsecured creditors which is essential for the banking industry where majority lending is done basis collateral," he said. "The apex court has also given due recognition to the commercial wisdom of the lenders and has made CoC the king."