India’s JSW Steel to bid up to $940 mln for ArcelorMittal’s plant in Romania

Indian steelmaker JSW Steel plans a bid for Luxembourg-based peer ArcelorMittal’s Galati plant in Romania, potentially competing against Ukraine’s Metinvest and Italy’s Marcegaglia.

ArcelorMittal has had to put six European assets up for sale to get approval from European competition authorities for its purchase of Italy's giant Ilva plant. The combined value of the assets up for sale is estimated to be $752-940 million and Galati is the largest of those assets.

Bank of America-Merrill Lynch is handling the sale, which it aims to complete by the end of 2018.

In May, JSW paid 55 million euros for the Aferpi plant in Piombino, Italy, which has an annual capacity of 2.5 million tonnes.