di F. Q. | 16 NOVEMBRE 2019
ArcelorMittal, the French-Indians fleeing Taranto ready for an investment of 6.8 billion in India for the purchase of Essar Steel
Everything had been blocked for almost two years due to a case linked to the bankrupt creditors of the group. Now the court has allowed them to be paid and the multinational is ready to buy with the Japanese of Nippon Steel. The Indian steel mills have a production capacity of around 10 million tons of steel per year and employs about 4 thousand people between workers and managers
ArcelorMittal has a $ 6.8 billion investment ready in India. The green light went on Friday by the Indian Supreme Court to the acquisition of Essar Steel India, which ended in bankruptcy. The operation - the first of which was announced by the specialized portal Siderweb - will be conducted together with Nippon Steel and would impact the accounts of the steel multinational in a manner similar to the figure that the French-Indians intended to play on the relaunch of Taranto. With the acquisition of Essar Steel, for which the definitive closing is missing, ArcelorMittal would become the fourth producer in a nation where the government is investing trillions of rupees in infrastructure, moreover in an economic phase in which the global demand for steel is faltering.
Everything had been blocked for years due to a story related to Essar Steel's creditors. Now the court has allowed ArcelorMittal to pay the creditors and has canceled the order of the bankruptcy appeal court that had given the guaranteed and unsecured lenders equal right to the proceeds of the sale. "There is no principle of equality between secured and unsecured creditors," Judge Rohinton F. Nariman said, reading the court's ruling, according to Indian media reports. Bankruptcy courts have no say in deciding the distribution of funds among creditors, the media always explain.
The first manifestation of interest of ArcelorMittal for Essar Steel dates back to October 2017 - the tender for the newly won Ilva - and was substantiated on 12 February 2018, but due to formal defects it was canceled twice (also in the the following April), until the final awarding on 26 October 2018, a few days before materially taking possession of the Taranto steelworks. Now the Supreme Court has definitively unblocked the affair and the multinational is preparing to set foot in the Hazira facilities that were of Essar. The group has a production capacity of around 10 million tons of steel per year and employs about 4,000 people including workers and managers, with the latter earning around 5,500 euros a year, according to the Corriere della Sera.
https://www.ilfattoquotidiano.it/2019/11/16/arcelormittal-i-franco-indiani-in-fuga-da-taranto-pronti-a-un-investimento-da-68-miliardi-in-india-per-lacquisto-di-essar-steel/5567081/
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