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Business deals

Arcelor-Nippon Steel's battle for India's Essar leads sector shakeup

Global players swoop in on bankrupt peers to take over prime assets

A laborer works inside a steel factory in India.   © Reuters

MUMBAI -- A series of bankruptcies in India's steel industry has put the sector on course for a sweeping consolidation, as producers here and abroad battle to take over prime assets.

Essar Steel, the country's fourth-largest steelmaker, is up for sale after filing for bankruptcy proceedings last year, and it is expected to announce a buyer as soon as in May. The winning bidder would gain control of 10 million tons in annual production capacity, equal to one-tenth of India's crude steel output in 2017.

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