October 23, 2017:
Bhushan Steel shares rallied as much as 20 per cent on Monday as a media report said that ArcelorMittal has showed interest in buying the company.
Global steel giant ArcelorMittal has evinced interest in buying debt-laden Bhushan Steel, which has been referred by the Reserve Bank of India for liquidation under the Insolvency and Bankruptcy Code (IBC), the report said.
“LN Mittal-led ArcelorMittal has submitted an expression of interest for Bhushan Steel, which has been referred to the National Company Law Tribunal (NCLT) under Insolvency and Bankruptcy Code,” the report added.
Bhushan Steel has a significant presence in auto steel categories with a 5.6-million tonne integrated steel unit, …
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