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Nippon Steel joint venture to be equity accounted - ArcelorMittal

Steel News - Published on Mon, 11 Feb 2019

Image Source: The Economic Times
Economic Times reported that ArcelorMittal and Nippon Steel's joint ownership of Essar Steel will be funded by a combination that will involve one-third equity and two-thirds debt, ArcelorMittal said last week, replying to investor queries after it announced fourth-quarter earnings. ArcelorMittal has said that its investment in the JV will be equity accounted

The two companies signed a joint venture agreement on January 22. JV will be paying INR 50:000 crore for Essar Steel, which will involve an upfront payment of INR 42,000 crore.

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Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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