After braving tough legal challenges to emerge as the successful resolution applicant for Essar Steel, the worlds largest steel maker ArcelorMittal might now face a tough challenge to go ahead with the buyout of a fully integrated steel facility in India amidst falling steel power and bleak outlook for the sector.
Industry sources in the know of the developments said that the Luxembourg-based company is constantly reviewing its India plans and is also under pressure from its investors, some of whom have questioned buying a steel plant at a premium at this juncture when the market prospects has painted a darker future for the sector.
ArcelorMittal however, did not respond to a query sent by IANS on the developments. Messages and phone calls made to the spokesperson did not elicit any response.
The company in a statement to investors though had said it expects to close the Essar Steel acquisition in the December quarter. Read More
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