CEO says VTB, NuMetal still compete for Essar Steel

MOSCOW, Oct 5 (PRIME) -- NuMetal and its key shareholder Russian bank VTB have not abandoned the idea of buying bankrupt Indian smelter Essar Steel, VTB CEO Andrei Kostin told reporters on Friday.

Bloomberg reported that India’s Supreme Court ruled on Thursday that the entire soured debt of affiliates of participants in the auction for the steel asset must be repaid, and stated that NuMetal is 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.”

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