ArcelorMittal is showing interest in buying the bankrupt India mill Bhushan Steel. Bhushan has a strong presence in the automotive steel market and has a production capacity of 5.6 million metric tons annually. Its debt is estimated at about $6.9 billion.
Acquisition of Bhushan would give ArcelorMittal a foothold in India’s auto-grade steel market, which is currently supplied mostly by Japan and South Korea.
Other potential buyers include joint venture Piramal Enterprises Ltd–Bain Capital Credit platform, AION Capital, Oaktree Capital, Lone Star Funds, and SSG Capital Management.
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