ArcelorMittal (ENXTAM:MT) looks to buy Uttam Galva Steels Limited (BSE:513216). ArcelorMittal said, "As ArcelorMittal has paid Uttam Galva's total debts, and Uttam Galva has not yet formally entered an insolvency process, ArcelorMittal is now a significant financial creditor of Uttam Galva." The company added "ArcelorMittal is considering whether and how to acquire ownership of Uttam Galva which has cold rolling capacity of 1.2 million tonnes per annum. It is a good quality asset and a strong synergistic fit with Essar Steel."