TOKYO/MUMBAI -- Nippon Steel and ArcelorMittal spent nearly two years clearing the way for their 500 billion rupee ($7 billion) purchase of Essar Steel India, leaping legal hurdles in hopes of gaining a foothold in a market that promised growth.
They completed the acquisition in the country that once thwarted Japanese mobile giant NTT Docomo's attempt to enter the telecommunications market. Tokyo-based Nippon Steel ultimately cut through the red tape but now faces an Indian steel industry that has slumped.
