ArcelorMittal And JSW Steel In War Of Words On Twitter

- Apr 12, 2018-

Taking its rivalry with JSW Steel on to Twitter, ArcelorMittal on Wednesday tweeted that the Sajjan Jindal company's bid for Monnet Ispat is against the Insolvency and Bankruptcy Code's (IBC) Clause 29A, and is a mockery. ArcelorMittal (India) chose to air its views via its Twitter handle. Tagging the JSW Steel chairman and managing director, the world's largest steelmaker tweeted “@sajjanjindal Interesting what decision is being taken on Monnet today given it’s clear JSW runs afoul of 29A as they are related to the existing promoter….who is making the mockery here?”

Reacting to ArcelorMittal's allegation, JSW Steel replied "JSW Steel has gone through the rigour of scrutiny. After the thorough examination of facts, JSW Steel is declared as qualified resolution applicant as per the provisions of sec 29(A) of Insolvency and bankruptcy code (IBC) 2016 not only in Monnet but in other stressed accounts. The intention of unfounded allegations may be to defame JSW Steel or probably using an insufficient or incorrect interpretation of information to mislead the general public. JSW Steel adheres to highest standards of corporate governance."

Both the companies are in the race for Essar Steel. While ArcelorMittal has partnered with Nippon Steel & Sumitomo Metal, JSW Steel is an investor in the Numetal consortium.

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