September 10, 2018 / 11:40 AM / 2 months ago

ArcelorMittal ups bid for Essar Steel

A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016. REUTERS/David W Cerny

MUMBAI (Reuters) - Steel giant ArcelorMittal SA has raised its bid for India’s debt-laden Essar Steel in competition with Russia’s VTB and Vedanta Resources.

“The financial terms of the proposal are confidential, but represent a material increase to the previous offers made by the company,” ArcelorMittal said in a statement.

Reporting by Promit Mukherjee; Editing by David Goodman

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