Essar Steel has been hurt by weak demand and reduced gas supply that affected production. : ArcelorMittal is competing with a consortium led by Russia’s VTB Group as bids come in for Essar Steel India Ltd., the largest distressed steelmaker being sold under the country’s insolvency process, people with knowledge of the matter said. ArcelorMittal, the world’s biggest producer of the alloy, is planning a joint offer with Nippon Steel & Sumitomo Metal Corp. by Monday’s deadline, according to the people.