ArcelorMittal exploring possibility of taking ownership of Uttam Galva

摘要

ArcelorMittal is exploring the possibility of taking ownership of Uttam Galva and recovering the value in KSS Petron after paying off their dues to become eligible forEssar Steel bid.Last week, Arcelor paid Rs 74.69 billion to financial creditors of Uttam Galva Steels and KSS Petron to clear overdue debts to be considered by Essar Steel’s committee of creditors (CoC). Around 80 per cent of the dues were on account of Uttam Galva. Subsequently, Arcelor was declared as the highest bidder for Essar.