 "ArcelorMittal")
ArcelorMittal's equity contribution for the acquisition of Essar Steel India (now AM/NS India) is $1.6 billion, the company said while announcing its 2019 financial results.
Described as its biggest achievement in 2019, ArcelorMittal said that the acquisition of Essar formed a fifth steel pillar for it. However, in spite of its equity contribution towards the acquisition of Essar, Arcelor's net M&A spend in 2019 was offset by portfolio optimisation including the formation of the shipping joint venture.
Shortly after completion of the $5.7 billion Essar deal, ArcelorMittal signed a deal for sale of 50 per cent shipping business stake to
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