ArcelorMittal and Nippon Steel won Essar Steel Deal of the Year

A joint venture between ArcelorMittal and Nippon Steel, AM /NS India, received the Deal of the Year award from the S&P Platts 2020 Global Metals Awards for completing last year’s acquisition of Essar Steel India Limited, a fully integrated steel producer in India, at a cost of USD 5.7 billion. bankruptcy entered in 2017. AM /NS’s acquisition of Essar Steel India in India was the Deal of the Year award as it was the largest private sector deal in India in 2019 and the second largest deal in the world this year. ArcelorMittal and Nippon Steel faced intense competition from other stakeholders in Essar, as well as many legal disputes in India, even in the Supreme Court. Confident in the strong strategic rationale for the deal and the partners’ ability to deploy Essar Steel,

The acquisition will provide ArcelorMittal and Nippon Steel with significant entry into the fast-growing Indian steel market, where steel consumption is expected to grow at an average of 6% annually over the next 10-15 years. None of the joint venture partners had manufacturing facilities in India prior to the acquisition.

The Deal of the Year award recognizes the challenges, financial performance, leadership, scale and strategic vision of asset buyouts, joint ventures, strategic company alliances or full mergers or acquisitions, and the strategic spillovers that have strengthened organizations. The awards program, hosted by S&P Global Platts, a leading independent provider of information and benchmark prices for the commodity and energy markets, brought together 96 finalists from 23 countries seeking recognition in 15 categories.

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