Global steel giant ArcelorMittal has withdrawn its offer for the bankrupt Indian steel company Bhushan Steel, according to Indian daily newspaper the Economic Times.
The Economic Times stated that ArcelorMittal informed the creditors committee of Bhushan Steel of its decision in a letter sent through its financial advisor Goldman Sachs. However, the reason for the withdrawal was not stated in the letter.
India-headquartered steel giant Tata Steel, Indian steelmaker JSW Steel and Indian miner Vedanta Resources are now among the bidders for Bhushan Steel. Final offers for the acquisition must be submitted by January 29.