Deals
India Looks to Asian Mills for SAIL Tie-Up on Arcelor Deal Delay
- Steel ministry is in talks with mills including Nippon Steel
- Arcelor is in the process of acquiring Essar Steel in India
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India is in talks with Japanese and South Korean mills for a joint venture with state-run Steel Authority of India Ltd. as years of delays hold up a deal with the world’s biggest steelmaker ArcelorMittal.
The steel ministry is in talks with mills including Nippon Steel Corp., Mitsubishi Steel Manufacturing Co. and Posco for a joint venture, according to the Indian mill’s Chairman Anil Kumar Chaudhary. That follows delays in discussions with Arcelor, whose plans to enter the growing India steel market by buying the bankrupt Essar Steel India Ltd. along with partner Nippon have been held up by court battles.