Steel company ArcelorMittal expects to be able to complete the acquisition of the bankrupt Indian Essar Steel before the end of the year, now that the Indian Supreme Court has given its final approval for the deal.
After completion, ArcelorMittal will, together with cooperation partner Nippon Steel, exercise control at Essar. The largest steel company in the world and its Japanese partner offered about $ 5.8 billion in cash for the company and promised to pump a lot of money into it.
The acquisition of Essar gives ArcelorMittal a good chance to build a stronger position in India, the fastest growing steel market in the world. The Indian government is investing heavily in infrastructure and therefore there is a great demand for steel.