ArcelorMittal Nippon Steel likely to bid for RINL acquisition

ArcelorMittal Nippon Steel (AM/NS) is planning to bid for acquisition of steelmaker Rashtriya Ispat Nigam Limited (RINL), in which domestic giant Tata Steel has already expressed its interest.

Rashtriya Ispat Nigam Limited (RINL) is a special steel-making company in Visakhapatnam, Andhra Pradesh. The company operates a 7.3 million tonne (MT) steel plant in the state under the administrative control of the Ministry of Steel.

A source told the media that AM/NS India is exploring that option when asked if the company would be interested in disinvestment-bound RINL.

TV Narendran, Tata Steel CEO and MD, told the media that his company is interested in obtaining RINL because the plant is situated strategically on the eastern coast, and acquiring it would give them more access to the Southeast Asian markets, where the company already has a presence.

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