ArcelorMittal, Nippon form JV to acquire Essar Steel

ArcelorMittal said it has formed a joint venture with Japan’s Nippon Steel and Sumitomo Corp (NSSMC) as part of its bid to acquire Essar Steel. Its Indian subsidiary ArcelorMittal India Pvt Ltd submitted a resolution plan for the Gujarat-based debt-stricken steel company on February 12. Under the agreement, both companies are poised to jointly acquire the Ruia family's steelmaking asset in Hazira, Gujarat, if ArcelorMittal’s bid is selected.