The $500 billion steel industry took a heavy beating in the 2008-2009 downturn
Both companies have faced delays of more than two years in eastern India
The company has faced delays for its $20-bn plan to build plants in Jharkhand and Orissa
The company, which currently employs 285,300 people, wants to regain lost market share
As part of the deal, the Miglani family, which controls Uttam, will sell part of its controlling stake to ArcelorMittal
ArcelorMittal's Indian unit has sought approval from the Karnataka government to set up a steel plant, the company said in a statement
The government on Wednesday cleared 17 FDI proposals, that will bring in Rs 1,158.78 crore
The company is awaiting approval from the Securities and Exchange Board of India to launch the offer
The group has faced delays for its $20 billion plan to build two large steel plants in Jharkand and Orissa
The Asian steel industry has recovered and will continue to do so in the next 2-3 years. In Europe and North America, some recovery in demand could be expected from next year
