ArcelorMittal picked as winning bidder for Essar Steel
World's largest steelmaker ArcelorMittal has been selected as the preferred bidder for insolvent Essar Steel, which owes creditors over â¹55,000 crore. This comes after Arcelor agreed to pay â¹7,469 crore to creditors of two Indian companies in which it previously held stakes to become eligible to bid for Essar. The company will now begin final negotiations with creditors of Essar.