Arcelormittal Takes Required Step To Ensure Its Offer For Essar Steel Is Eligible

TIDMMT 
 
   17 October 2018 -- ArcelorMittal ('the Company') announces that, in-line 
with the Indian Supreme Court ruling dated 4 October 2018, it has 
approved a payment of 7,469 crore rupees (c. $1 billion) to the 
financial creditors of Uttam Galva and KSS Petron to clear overdue debts 
in order that the offer it submitted for Essar Steel India Limited 
('ESIL') on 2 April 2018 is eligible and can be considered by ESIL's 
Committee of Creditors ('CoC'). 
 
   ArcelorMittal's Board of Directors believes that ESIL represents a 
unique and compelling opportunity for the Company to establish a 
significant footprint, with substantial expansion potential, in the 
high-growth Indian steel market. It concluded that, given the 
significant benefits that ESIL would bring to ArcelorMittal, making this 
payment was an appropriate course of action under the circumstances. 
 
   As stipulated in the Supreme Court ruling, ESIL's CoC now has an 
eight-week period to accept what it considers to be the best resolution 
plan from eligible applicants. 
 
   ENDS 
 
   About ArcelorMittal 
 
   ArcelorMittal is the world's leading steel and mining company, with a 
presence in 60 countries and an industrial footprint in 18 countries. 
Guided by a philosophy to produce safe, sustainable steel, we are the 
leading supplier of quality steel in the major global steel markets 
including automotive, construction, household appliances and packaging, 
with world-class research and development and outstanding distribution 
networks. 
 
   Through our core values of sustainability, quality and leadership, we 
operate responsibly with respect to the health, safety and wellbeing of 
our employees, contractors and the communities in which we operate. 
 
   For us, steel is the fabric of life, as it is at the heart of the modern 
world from railways to cars and washing machines. We are actively 
researching and producing steel-based technologies and solutions that 
make many of the products and components people use in their everyday 
lives more energy efficient. 
 
   We are one of the world's five largest producers of iron ore and 
metallurgical coal. With a geographically diversified portfolio of iron 
ore and coal assets, we are strategically positioned to serve our 
network of steel plants and the external global market. While our steel 
operations are important customers, our supply to the external market is 
increasing as we grow. 
 
   In 2017, ArcelorMittal had revenues of $68.7 billion and crude steel 
production of 93.1 million metric tonnes, while own iron ore production 
reached 57.4 million metric tonnes. 
 
   ArcelorMittal is listed on the stock exchanges of New York (MT), 
Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock 
exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). 
 
   For more information about ArcelorMittal please visit: 
http://corporate.arcelormittal.com/ 
 
 
 
 
 
Contact information ArcelorMittal 
 Investor Relations 
 
Europe                                                                      [phone] 
Americas                                                                     [phone] 
Retail                                                                      [phone] 
SRI                                                                          [phone] 
Bonds/Credit                                                                 [phone] 
 
 
Contact information ArcelorMittal 
 Corporate Communications 
 
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Phone:                                                                         [phone] 
 
 
ArcelorMittal Corporate 
 Communications 
 
Paul Weigh                                                                  [phone] 
 
India - Brunswick 
 Khozem Merchant / Azhar              [phone] 
 Khan 
 
 
 
 
 
 

(END) Dow Jones Newswires

October 17, 2018 06:53 ET (10:53 GMT)

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