Mining News Pro - After the reports that the flagship owners of Essar Steel, Ruias had offered a whooping INR 54,000 crore to settle all the claims of the company in order to allow the company to make exit from bankruptcy process under Section 12A of IBC (Insolvency and Bankruptcy Code), the latest update in the case is that Committee of Creditors (CoC) have chosen the preferred bidder, Arcelor Mittal (AM) as the ‘successful bidder’ to take over debt laden Essar Steel.

Monday, October 29, 2018 - 1:16:05 PM

Visit: 947

Mining News Pro - According to the latest updates, Arcelor Mittal has agreed for capital infusion of additional INR 8,000 crore to acquire full control of debt-laden Essar Steel thus making its total offer to INR 50,000 crore.

Saturday, October 27, 2018 - 10:14:23 AM

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Mining News Pro - According to the latest update in Essar Steel’s long-standing bankruptcy case, company’s Committee of Creditors (CoC) has chosen Arcelor Mittal (AM) as the preferred bidder for the insolvent asset ahead of its key competitor Numetal and other contender Vedanta Group.

Tuesday, October 23, 2018 - 1:33:32 PM

Visit: 1849

Mining News Pro - Essar Steel - an integrated steelmaker with steel making capacity of 10 MnT p.a. recorded increase in total iron ore & pellet sourcing for the month of Sep`18.

Tuesday, October 23, 2018 - 1:25:17 PM

Visit: 1043

Mining News Pro - According to the latest update in Essar Steel’s long-standing bankruptcy case, company’s Committee of Creditors (CoC) has chosen Arcelor Mittal (AM) as the preferred bidder for the insolvent asset ahead of its key competitor Numetal and other contender Vedanta Group. However, the final bid price will be negotiated over the weeks to come.

Tuesday, October 23, 2018 - 9:39:18 AM

Visit: 1523

Mining News Pro - Essar Steel - an integrated steelmaker with steel making capacity of 10 MnT p.a. recorded increase in total iron ore & pellet sourcing for the month of Sep`18. The sourcing stood at 0.88 MnT in Sep`18, up 10% M-o-M as against 0.81 MnT in Aug`18.

Tuesday, October 23, 2018 - 9:28:09 AM

Visit: 998

Mining News Pro - SteelMint learned from market sources that west India based steel mill - Essar Steel has booked around 20,000 MT of HRC for export to South Korea.

Sunday, September 23, 2018 - 3:36:39 PM

Visit: 985

Mining News Pro - SteelMint learned from market sources that west India based steel mill - Essar Steel has booked around 20,000 MT of HRC for export to South Korea. The deal has been concluded in range of USD 583-585/MT CFR basis (which would come around USD 561-563/MT FoB) for October-November shipments. As per reports the deal has been concluded with South Korean mill- Dongbu Steel Co.

Saturday, September 22, 2018 - 2:00:00 PM

Visit: 1459

Mining News Pro - Arcelor Mittal, world’s largest steelmaker is leaving no stone unturned to acquire bankrupt Essar Steel as it has offered INR 42,000 crore to repay the creditors of Essar Steel under the insolvency and bankruptcy process, as informed by the market sources. This offer is higher than its previous offer of INR 30,000 crore.

Thursday, September 13, 2018 - 9:05:49 PM

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Mining News Pro - In the latest update in Essar Steel’s insolvency case, the NCLAT (National Company Law Tribunal) has allowed lenders to consider the second round of bids submitted by Numetal and Arcelor Mittal thus moving a step ahead in the case which was put on hold in the month of May’18. In doing so, the NCLAT upheld the resolution professional’s (RP) view that the first round of bids submitted in February was ineligible.

Wednesday, September 12, 2018 - 12:50:51 PM

Visit: 905

Mining News Pro - an integrated steelmaker with steel making capacity of 10 MnT p.a. recorded decline in iron ore & pellet sourcing for the month of June`18. The sourcing stood at 1.22 MnT in June`18, fall of 8% M-o-M as against 1.33 MnT in May`18.

Saturday, July 14, 2018 - 5:03:55 PM

Visit: 1099