Joint acquisition partners ArcelorMittal and Nippon Steel & Sumitomo Metal Corp (NSSMC) are looking to India as a growth market after ArcelorMittal won the bid to buy insolvent Essar Steel.
"India is one of the most promising markets in the world with significant growth potential in the medium- and long-term and where domestically-produced steel products have a superior position," NSSMC said in its an announcement. The partners are aiming to turn Essar Steel into a competitive steel producer and further develop the Indian steel industry and wider economy. ArcelorMittal and NSSMC entered into an agreement to acquire and manage Essar Steel India...