The recent grant of approval from the Indian Supreme Court for ArcelorMittal's acquisition of Essar Steel brings an end to years of legal wrangles, giving the global steelmaker access to a much sought-after market, and allowing the Indian steel sector to take a further step toward health.
ArcelorMittal has been keen for some time to break into the domestic Indian steel market because it is one of the few parts of the world where it does not have steel production assets. It has previously described the acquisition as presenting a unique opportunity "to establish a significant footprint, with substantial expansion potential, in the high-growth Indian steel market."Essar Steel is an integrated steel mill with capacity at its steel works in Hazira, Gujarat, to produce...