Nippon Steel & Sumitomo Metal in its joint venture formation agreement with ArcelorMittal in relation to its offer to acquire Essar Steel India.

ArcelorMittal has signed a joint venture formation agreement with Nippon Steel & Sumitomo Metal Corporation in relation to its offer to acquire Essar Steel India Limited. The Company's subsidiary ArcelorMittal India Private Limited submitted a Resolution Plan for Essar on 12 February, which outlined the intention to have NSSMC formally join its bid for Essar Steel. Should the submitted Resolution Plan be selected and formally accepted by India's National Company Law Tribunal, ArcelorMittal and NSSMC would jointly acquire and manage Essar Steel.