# ArcelorMittal submits revised bid for Essar Steel

ArcelorMittal submitted a revised proposal to acquire Essar Steel India Ltd for about Rs 420 billion, upstaging a rival bid, plus Rs 70 billion to clear dues of Uttam Galva and KSS Petron. The bid represents unprecedented value to creditors.

- Type: Acquisition
- Announced: 2018-09-10
- Where: India
- Value: $5.80B (420.0B INR)
- Jobs: 12,500
- Status: announced
- Products: steel
- Sectors: [Steel and Metal Products](https://endata.com/sectors/steel-metal-products.md)

## Companies

- [ArcelorMittal](https://endata.com/companies/292.md)
- [ArcelorMittal](https://endata.com/companies/292.md) (acquirer)
- [Liberty House Group](https://endata.com/companies/19785.md) (acquirer)
- [Essar Steel India Limited](https://endata.com/companies/30451.md) (target)

## Sources

- [business-standard.com](https://www.business-standard.com/amp/article/companies/revised-essar-bid-offers-unprecedented-value-to-creditors-arcelormittal-118091101145_1.html), 2018-09-11: "The revised offer, which also includes a commitment to pay the entire amount due to the financial creditors of Uttam Galva and KSS Petron, therefore represents 'unprecedented value' to all concerned creditors."
- [firstpost.com](https://www.firstpost.com/business/arcelormittal-signs-pact-to-sell-four-european-steel-plants-to-liberty-house-5368921.html), 2018-10-12: "At a stroke these acquisitions would almost double the size of our workforce and global production capacity, giving us a strong presence in the heart of Europe’s key manufacturing regions."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.