New Delhi: Eyeing the debt-laden Essar Steel and Bhushan Steel for acquisition, a delegation from global giant ArcelorMittal visited their plants for due diligence, multiple industry sources said. The Luxembourg-based ArcelorMittal is among top industry players, including Tata Steel, that have submitted bids to acquire the debt-ridden Essar Steel, which is going through the insolvency resolution process.
Tata Steel has a total domestic capacity of 13 million tonnes per annum (mtpa). To take the matter forward, the ArcelorMittal team visited Essar Steel's facility, the sources said. “The team, which comprised at least 25 people, visited the plants (Essar Steel and Bhushan Steel) last week for due diligence to analyse various aspects such as legal, finances etc,” a person in the know said.