ArcelorMittal is competing with a consortium led by Russia’s VTB Group as bids come in for Essar Steel India Ltd., the largest distressed steelmaker being sold under the country’s insolvency process, people with knowledge of the matter said.
An Indian unit of ArcelorMittal, the world’s biggest producer of the alloy, submitted an offer, it confirmedin a statement Monday. Essar Steel could fetch a valuation of at least $6 billion in a sale, the people said, asking not to be identified because the information is private. Essar Steel received only two bids by the Monday deadline, after domestic rival Tata Steel Ltd. decided against pursuing an offer, according to the people. Bloomberg