The Committee of Creditors have issued ArcelorMittal and its partner Japan's Nippon Steel & Sumitomo Metal Corp a Letter of Intent declaring them as the "successful applicant".
Steel firms brace for good times on the back of better demand.
The company, headed by NRI billionaire Laxmi N Mittal, had clocked $0.345 billion net loss in the January-March quarter of the last year.
Some investors warned of a coming British or even global recession as sterling collapsed to hit its lowest since 1985.
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