Dunkirk (France): Steel tycoon LN Mittal on Sunday said he would be surprised if ArcelorMittal, the world’s largest steelmaker, will not be eligible to participate in the bid for Essar Steel.
ArcelorMittal and Numetal are the two bidders in the race to acquire debt-laden Essar Steel, currently undergoing insolvency proceedings as it owes more than Rs 45,000 crore to over 30 banks.
“Ultimately, I would be surprised if we are not eligible to participate in the bid for Essar Steel. ArcelorMittal is the world’s leading steel company – we are financially strong, we are ready to invest and bring our technology and our products and processes to India,” Lakshmi N Mittal, Chairman and CEO, ArcelorMittal said.
The CoC on May 2 had met representatives of ArcelorMittal and Numetal regarding their eligibility for Essar Steel and a decision is awaited. Mittal said: “India is important to us. Of course for me personally I would like us to have a presence here in my home country”. But moreover, he said, “India is a strategic growth market and if you look at steel industry growth then the majority of growth in the coming years is going to come from the developing economies ex China and that includes India”.