Essar Steel's acquisition by ArcelorMittal to be completed by year end. Tata Steel to cut 3,000 jobs in Europe.
Happy Ending: Global steel giant ArcelorMittal is expected to complete the acquisition of the debt-ridden company by the end of this year following the Supreme Court's verdict on Essar Steel resolution plan.
The Supreme Court had on Friday asked ArcelorMittal to pay creditors for Essar Steel India, in the process scrapping a bankruptcy appellate tribunal’s order that had given secured and unsecured lenders equal right over the sale proceeds. Moneycontrol
Maybe Not: Tata Steel is planning to cut 3,000 jobs in its European operations, the company reported. The Indian steel giant cited oversupply and flat demand as the primary drivers.
“Stagnant EU steel demand and global overcapacity have been compounded by trade conflicts which have turned the European market into a dumping ground for the world’s excess steel capacity,” Tata Steel said. Reuters
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