Global steel giant ArcelorMittal has announced that the Indian Supreme Court has approved its resolution plan for Indian steelmaker Essar Steel India Limited (ESIL).
Completion of the transaction is now expected before the end of the year. After completion, ArcelorMittal will jointly own and operate ESIL in partnership with Nippon Steel Corporation, Japan’s largest steel producer and the third largest steel producer in the world, in line with the joint venture formation agreement signed by the two companies. Accordingly, the share capital ratio will be 60 percent for ArcelorMittal and 40 percent for Nippon Steel, while both companies will have equal representation and voting rights on the board of directors.