ArcelorMittal wins bid to acquire Essar Steel

ArcelorMittal declared highest bidder
ArcelorMittal declared highest bidder for acquiring Essar Steel

Lakshmi Mittal-controlled Arcelor Mittal sweetened its bid for Essar Steel by offering an additional equity infusion of Rs 8000 crore over and above the Rs 42000 crore it promises to pay for acquiring the bankrupt steelmaker. The move raises Arcelor Mittal’s total bid for Essar Steel to Rs 50000 crore.

In FY17, the latest year for which financials are available, Essar Steel earned an Ebitda of Rs 2841 crore, but depreciation alone amounted to Rs 1903 crore. Ebitda stands for earnings before interest, tax, depreciation and amortization. Its interest cost in that year was Rs 5608 crore and it ended FY17 with a net loss of Rs 5198 crore. But FY18 financials may look better, based on how listed firms have fared.

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Essar Steel Unlisted Shares

Essar Steel is a fully integrated flat carbon steel manufacturer – from iron ore to ready-to-market products – with a current capacity of 10 million tonnes per annum (MTPA).

For buying shares of Essar Steel or any other companies, please call on 8108234400 or place your order here buysellunlistedshares.com/buysell/ 

Essar Steel’s manufacturing facility comprises ore beneficiation, pellet making, iron making, steel making, and downstream facilities including cold rolling mill, galvanising, pre-coated facility, steel processing facility, extra wide plate mill and a pipe mill.