ArcelorMittal was eligible to bid for Essar Steel

Press Trust of India reported that ArcelorMittal on Tuesday said it was eligible under the Insolvency & Bankruptcy Code to bid for Essar Steel as it was not a promoter of Uttam Galva and KSS Petron, and had already offloaded its shares before submission of the bids.


 Arguing before the National Company Law Appellate Tribunal (NCLAT) on behalf of ArcelorMittal, senior advocate Harish Salve submitted that its eligibility should be judged as on the date of submission of the resolution plan for Essar Steel. He said “ArcelorMittal is not a shareholder in Uttam Galva as on February 7 and on February 9 it was not a shareholder of KSS Petron...

We have (ArcelorMittal) submitted bid on February 12.” He added that ArcelorMittal never had any management control in Uttam Galva. He said "ArcelorMittal never exercised any of the rights under the shareholders agreement, never appointed any directors to the board of Uttam Galva and never involved itself in the management and policy decisions of Uttam Galva.”

 Source : steelguru

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First ever Indian Steel Sector Map 2018

First ever Indian Steel Sector Map 2018, which depicts capacities of various steel makers at various locations as well as provides them in tabular form, is to help user visualize the entire steel sector in effective way.

It was launched by Hon’ble Minister of State for Steel on May 17th at Indian Steel Makret 2018. Map size is 49”x23” and is printed on high quality vinayal The capacities are categorized as under Hot Band - Other Producers (Sponge Iron; Steel-IF/EAF; Rolling) Hot End - Main Producers (DRI; COREX; BF; Steel) Hot Band - Main Producers (WRM; B&R; Section; SBM; RSM/USM; Plates; HSM) Cold Band – All (CR; HDG, PPGI; PPGL) While the secondary sector data is based on JPC report for 2016-17, capacities of primary steel mills has been arrived as per information received from them. Data of cold band, ie CR, HDG & PPGI etc is based on market information. Indian steel sector is undergoing restructuring under IBC Act but as no acquistions happened before the launch date ie May 17, stressed assests are depicted in original names.

However, they will be changed when further copies are printed as we will be updating the changes on regular basis The map is available for a limited period at a special launch price of Rs 7500, which includes courier charges for delivery within India. For overseas delivery, the charge are USD 150 per copy. Please send a mail to steelprices@steelguru.com or call 0124 4048993 for further processing

Source :steelguru

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