ArcelorMittal and Ruia-backed Numetal bid for Essar Steel

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The race for buying the bankrupt Essar Steel boiled down to just two – billionaire Lakshmi Mittal who built his steel empire by buying up bankrupt companies across the globe, and Numetal, a joint venture between Russia’s VTB Bank and a member of the Ruia clan – Rewant Ruia, said two people familiar with the matter. Mittal expressed optimism about the Indian steel industry and said it has submitted a detailed plan that would address many of Essar’s operational issues that had dragged the firm …