NuMetal and its key shareholder Russian bank VTB have not abandoned the idea of buying bankrupt Indian smelter Essar Steel, VTB CEO Andrei Kostin announced on October 5.
Bloomberg reported that India’s Supreme Court ruled on October 4 that the entire soured debt of affiliates of participants in the auction for the steel asset must be repaid, and stated that NuMetal was affiliated with Essar Steel.
Kostin said, “Our goal remains unchanged. The Supreme Court issued a ruling but the documents arrived in the evening. Our lawyers are studying them, there are 90 pages. We will define our strategy depending on the decision.” (Prime/Ukrainian metal)